In October 2016 the VA determined, based on service connected injuries, that I am both 100% disabled and unemployable. The Dept. of Education subsequently cancelled my student loan and sent me a 1099-C. do I have to report the amount of the cancelled debt as income?
First, thank you for your service.
Yes you do have to include it, but you may qualify to have it excluded from your income, in which case TurboTax will help you complete the Form 982 to exclude that income.
Certain qualified student loans are one of the exceptions that will allow you to exclude that income.
You can find out more about the 1099-C, exclusions and how to enter it into TurboTax at the below FAQ:
First, thank you for your service.
Yes you do have to include it, but you may qualify to have it excluded from your income, in which case TurboTax will help you complete the Form 982 to exclude that income.
Certain qualified student loans are one of the exceptions that will allow you to exclude that income.
You can find out more about the 1099-C, exclusions and how to enter it into TurboTax at the below FAQ: