Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 5, 2020 9:12:59 AM

I just finished a debt settlement program and have been receiving 1099-c forms and I wanted to know if I would qualify for insolvency and not have to submit those forms?

0 1 201
1 Replies
Expert Alumni
Feb 5, 2020 9:39:56 AM

You still have to enter the 1099-C forms in your return, even if you are claiming insolvency.  After you have entered he 1099-C form(s), complete Form 982. To do this please follow these steps:

 

  1. Go to the search bar in the top right corner
  2. Enter "Form 982"
  3. Select "Jump to form 982"
  4. Continue through the interview questions to enter the appropriate information

 

If you are able to claim insolvency based upon the answers to the interview questions, TurboTax will complete this form for you.

 

For more information you may wish to read this TurboTax Help article:  Guide to Debt Cancellation and Your Taxes