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New Member
posted Sep 17, 2024 2:05:34 PM

How to attach Form 982

We have a 1099c that we need to add to our income. We are insolvent. When and where do we add form 982?

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1 Best answer
Level 15
Sep 17, 2024 2:14:48 PM

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


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


In TurboTax Online there is no way to complete Form 982 for insolvency.


If you use the CD/Download TurboTax software, you can complete Form 982 and the Statement of Insolvency in forms mode, but there is essentially no help or guidance from TurboTax. It's like filling it out yourself on paper. You have to know what you're doing. That's why consulting a tax professional is recommended.

 

3 Replies
Level 15
Sep 17, 2024 2:14:48 PM

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


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


In TurboTax Online there is no way to complete Form 982 for insolvency.


If you use the CD/Download TurboTax software, you can complete Form 982 and the Statement of Insolvency in forms mode, but there is essentially no help or guidance from TurboTax. It's like filling it out yourself on paper. You have to know what you're doing. That's why consulting a tax professional is recommended.

 

Level 1
Apr 25, 2025 12:36:55 PM

Hi.  I have the download version of TurboTax.  I have already filed my taxes, and it automatically filled out the 982 for me.  I am trying to figure out how to file an amended return with me filling out the 982.  Any suggestions?  Thank you!

Expert Alumni
Apr 28, 2025 9:39:31 AM

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. 

 

  • You must first wait until the initial return is completely processed.
  • You will have to use the same TurboTax account that you used for the original tax return.
  • Once you begin your amendment, you'll see your original return.
  • The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
  • Only make changes to the areas of your return that need to be corrected.
  • You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions. 

Amend TurboTax Online 

Amend TurboTax CD/Download