How do I file insolvency or form 982 on Turbo tax? I have 1099-C for student loan and I am unable to Fill out the form which will give you the Amount of insolvency

balkhafa · ‎May 31, 2019

I am trying to follow these directions, but I am unable to do the following:
Fill out the form which will give you the Amount of insolvency at the end on Line 7.

3. Check entries on the Canceled Debt Worksheet

In "Form Mode", scroll in the left column to Canceled Debt (Copy 1) and Click. It will open the form.

Scroll to Part VIII - Exclusion for Insolvency

On Line 53 "Were you insolvent? Make sure it's checked Yes

On Line 54 "Amount of Insolvency" carried from Line 7 of Insolvency Worksheet.

On Line 57 "Amount Excluded"

If your total liabilities exceeded the total FMV of your assets at the time of the cancellation, you may exclude the canceled debt to that extent. Complete the "Statement of Insolvency" to compute and document the amount of insolvency.