I received a form 1099-C for cancellation of debt. This should not be taxable as I am insolvent. How do I exclude this from income?

[rjs]

The screen where you enter Form 1099-C in TurboTax says the following.

"Important info about your canceled debt...
In some situations, canceled debt can be excluded from taxable income. These situations might include bankruptcy or insolvency. If you think one of these exclusions apply to you, we recommend you have a tax pro review your situation."

If you are using the desktop TurboTax software, you can complete Form 982 and the Statement of Insolvency in forms mode, but there is essentially no help or guidance. You have to know what you're doing. That's why consulting a tax professional is recommended.

In TurboTax Online there is no way to complete Form 982 for insolvency.