I have a 1099-C to report but I should be consider insolvent. Does Turbo Tax have the insolvent worksheet and the 982Form that I need to fill out?

ltaylor3 — Thu, 06 Jun 2019 00:35:09 GMT

It doesn't matter if you're insolvent now. You have to ha...

rjs — Thu, 06 Jun 2019 00:35:11 GMT

It doesn't matter if you're insolvent now. You have to have been insolvent at the time the debt was canceled.

The Statement of Insolvency worksheet is not supported in TurboTax Online. If you use the CD or download 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 TurboTax recommends consulting a tax professional.

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

"In some situations, canceled debt can be excluded from taxable income. These situations might include bankruptcy, insolvency or natural disasters in the Midwest. If you think one of these exclusions applies to you, we recommend you have a tax pro review your situation."

topic I have a 1099-C to report but I should be consider insolvent. Does Turbo Tax have the insolvent worksheet and the 982Form that I need to fill out? in Retirement tax questions

I have a 1099-C to report but I should be consider insolvent. Does Turbo Tax have the insolvent worksheet and the 982Form that I need to fill out?

It doesn't matter if you're insolvent now. You have to ha...