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Solved

massachusetts 1099-c insolvency exception

Forum|Forum|5 years ago
May 14, 2021
1 reply
0 views

I have received and entered my 1099-C (cancellation of debt) (it is credit card related) I have filled out the insolvency exception portion on the federal tax return, but can not find where to fill out for my Massachusetts return. Does anyone know how to do that? Or does Massachusetts not have an exception for insolvency?

Best answer by DanielV01

What should happen is that the Federal amount of income should carry over to the Massachusetts return. Massachusetts does not have its own form, but if you exclude income via insolvency on the Federal return, the "carry-over" income will also be excluded from the Massachusetts return. Keep in mind that Massachusetts can ask for independent proof of the amount of income excluded, so be sure to retain good records of what you are claiming.

DanielV01Answer

Level 15

What should happen is that the Federal amount of income should carry over to the Massachusetts return. Massachusetts does not have its own form, but if you exclude income via insolvency on the Federal return, the "carry-over" income will also be excluded from the Massachusetts return. Keep in mind that Massachusetts can ask for independent proof of the amount of income excluded, so be sure to retain good records of what you are claiming.

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Kim97Author

Level 2

Thank you!!!!!