How can i get form 982

[AshleyRose]

The easiest way to find/file form 982 in TurboTax Online is to go to:

• Sign into TurboTax Online and click "Take me to my return."  (if not already open.)
  
• Once you are in your return on the left-hand side of the TurboTax Online screen click on TAX TOOLS and then TOOLS.
• In the Tools window, choose TOPIC SEARCH.
• Enter Form 982 without quotes.
• In the list select Form 982 and click GO.
• Now you will see "Tell us about your canceled debt."

For additional information on Form 982, Reduction of Tax Attributes:

Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness) reports the amount of cancelled debt to excluded from taxable income.

We'll automatically generate Form 982 if your canceled debt is for a qualified principal residence indebtedness, aka mortgage debt relief.

Search for 982 in your TurboTax program and then click the "Jump to" link to access the cancellation of debt section. You should have a 1099-C to report the amount of canceled debt. (You'll need to use TurboTax Deluxe or higher to file Form 982.)

If your canceled debt isn’t directly related to the purchase of the main home, the IRS has strict guidelines for determining how to report it. There are several options specific to each taxpayer’s situation. To determine which apply to you, we recommend you consult a tax professional or see IRS Publication 4681 or Publication 544.

Related Information:

• What is Form 1099-C?
• Can I exclude my 1099-C from my taxable income?
• What qualifies for mortgage forgiveness debt relief?
• Is cancelled, forgiven, or discharged debt taxable?

[statealum2014]

I already added the 1099-C

[RobertG]

To file a Form 982 you will need the CD/Download version of TurboTax Deluxe or a higher edition.  

According to IRS Publication 4681 You do not have to include a canceled debt in income to the extent that you were insolvent immediately before the cancellation. The publication includes an insolvency worksheet.  If your debts exceed your assets, you are insolvent.

If you started your 2019 return in TurboTax Online and want to switch to the TurboTax CD/Download software, here's how. How do I switch from TurboTax Online to the TurboTax software?

Once you have switched to the CD/Download software you can switch to the Forms mode to complete Form 1099-C (Cancellation of Debt), Form 982, and the Canceled Debt Worksheet. 

[RoyAK78]

From the Topic list, I must be missing the "Search" from the only expanded list "Income" that I opened and the income on the 1099-C is listed , but I don't see the easy step of Search as I said? Thanks,

[RobertG]

If you are in TurboTax CD/Download go to forms mode and select Open Form.

Then enter 982 and select Form 982.

Be sure to enter your 1099-C first.

@RoyAK78

[Tax Q]

After i enter my 1099-C and then fill out form 982, the credit card debt is successfuly excluded from my return already. But

Do i need to send the IRS the actual Insolvency worksheet calculations with it?

[VictoriaD75]

You are not required to file the insolvency worksheet with your Tax Return, you should just keep it for your records in case the IRS requests it.

To enter a 1099-C, follow these steps:

• Under the Federal menu, choose Wages & Income
• Expand the menu for Less Common Income
• Click Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C
• Click Start/Revisit next to Cancellation of debt (Form 1099-C) or the abandonment and/or acquisition of secured property (Form 1099-A)
• Enter the information on the screens that follow

[Tax Q]

I prepared an amended tax return which is 2 pages 1040X and ready to mail out. There is a revised 1040 created along with the amended return 1040X. 

Do i need to mail out both the 1040X and the revised 1040 together to IRS?

[JohnW222]

@taxq

No, don't attach a copy of your Form 1040 -- either corrected, or uncorrected -- to your amended return, unless you're filing your amended return at the request of the IRS, and they asked you to attach it to your amended return.

[confusedplzhelp]

I just filed my taxes yesterday - and then discovered that I left out my 1099-C. I amended my taxes online BUT I also need to file a form 982, but cannot for whatever reason. All the forums say that I need to get the deluxe version of Turbo Tax BUT since I already filed, it won't let me upgrade. Help! What should I do in this situation?

Any thoughts or advice would be much appreciated. 

[waconorth]

still unable to get form 982.  Program not letting me enter that I was insolvent (more debt then what was canceled).

[DoninGA]

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@waconorth wrote:

still unable to get form 982.  Program not letting me enter that I was insolvent (more debt then what was canceled).

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Entering insolvency using Form 982 can only be reported using the TurboTax desktop CD/Download editions, not the online editions.

TurboTax desktop editions for tax year 2019 - https://turbotax.intuit.com/personal-taxes/cd-download/

See this TurboTax support FAQ - https://ttlc.intuit.com/community/credits-and-deductions/help/is-canceled-forgiven-or-discharged-deb...

[waconorth]

so I have downloaded the software, imported the data from online to the computer and it is still saying the same thing and not pulling form 982.

[DoninGA]

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@waconorth wrote:

so I have downloaded the software, imported the data from online to the computer and it is still saying the same thing and not pulling form 982.

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You have to tell the program about your cancelled debt.

Enter 982 in the Search box located in the upper right of the program screen.  Click on Jump to 982

For direct access to the Form 982 click on Forms.  When in Forms mode click on Open Form in the upper left of the screen.  Type in 982.  Click on the result to open the form.