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Deductions & credits
You are not required to file the insolvency worksheet with your Tax Return, you should just keep it for your records in case the IRS requests it.
To enter a 1099-C, follow these steps:
- Under the Federal menu, choose Wages & Income
- Expand the menu for Less Common Income
- Click Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C
- Click Start/Revisit next to Cancellation of debt (Form 1099-C) or the abandonment and/or acquisition of secured property (Form 1099-A)
- Enter the information on the screens that follow
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March 10, 2020
8:33 PM