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I downloaded the pc version to access form 982
i could add form 982 ,but it doesn’t have step by step question and answer for complete the form 982
So now I have just completed form 1099-C and my cancel debt is taxable
how can I complete form 982 and then add it to my return for excluding that amount from my taxable income
i mean if turbo tax doesn’t have step by step format for 982 form,how can I complete this form manually and which part of that form should be complete ,if i had for example $2340 canceled debt when insolvency exemption applied to me.
You can find step-by-step instructions in the TurboTax Help article How do I report excludable (non-taxable) canceled debt?.
Also, as you're entering your Form 982 information into the program, it's helpful to have a pdf of both Form 982 and the Instructions for Form 982 in front of you.
In certain situations, you can exclude amount of discharged indebtedness from your gross income. You do this by filing Form 982 with your tax return.
I mean no offense to you or your answer, which seems accurate and thorough, but in what universe does it make sense to charge for the insolvency form? I seriously cannot wrap my head around the logic. TurboTax is so painfully predatory. Hasan was right.
I filed bankruptcy but it still wants the amount included on my 1099-c form as income. I was told by my bankruptcy lawyer to fill out a 982 form but it doesnt come up on turbotax
Please clarify if you are entering forgiving debt on a qualified personal residence or other type of excludable canceled debt?
Please check the link below for more information and for instructions on how to complete form 982:
which one of the products do I download to get access to form 982. It is very confusing.
TurboTax Deluxe Desktop and higher will have the form 982 available.
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