DexterS
New Member

Education

In TurboTax Deluxe you report 1099-C loan forgiveness as follows:

  • Federal Taxes >> Wages & Income >> Scroll down to >> Less Common Income
  • Miscellaneous Income, 1099-A, 1099-C >> Select >> Start/Update (See Screenshot below)
  • Let's Work on Any Miscellaneous Income >> Cancellation of Debt (Form 1099-C) >> Select >> Start/Update
  • Select >> I received a 1099-C for another type of debt >> Select >> Continue
  • Is This a Personal Debt? >> Select >> Yes, I received a 1099-C for personal debt >> Select >> Continue
  • Enter Some Info from Your 1099-C >> Enter as appropriate >> Select >> Continue
  • Your Canceled Debt is Taxable >> Select >> Continue
  • If you have no other Miscellaneous Income >> Select >> Continue