The IRS form 1099-C will be reported on the individual tax return.
If so, is the bankruptcy final? If the debt was canceled in a Title 11 bankruptcy case, and the bankruptcy and IRS form 1099-C are reported on the personal tax return, the bankruptcy is reported on IRS form 982.
In TurboTax Premium Online, enter '982' in the Search magnifying glass in the upper right hand corner of the screen. Then select 'Jump to 982'.
The notes found in TurboTax Premium Online for IRS form 982, states:
We recommend you consult a tax professional or see IRS publications 4681 or 544 at irs.gov.
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