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Carol3099
New Member

I completed form 982 and it has put the amount in our income. It should not be as it is part of a bankruptcy but I can not get to Part 1 line 1a to check the box. Help

I did just read that I should do the 1099C but that is not going to solve this problem
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2 Replies
MichaelDC
New Member

I completed form 982 and it has put the amount in our income. It should not be as it is part of a bankruptcy but I can not get to Part 1 line 1a to check the box. Help

Is this a kind of debt other than mortgage on your principle residence?
MichaelDC
New Member

I completed form 982 and it has put the amount in our income. It should not be as it is part of a bankruptcy but I can not get to Part 1 line 1a to check the box. Help

If your discharge of debt was other than on your primary residence, the handling of your Form 982 is best done and exclusively done through TurboTax Desktop/Download version. Instructions on switching from TurboTax online (you won't lose what you've already entered) along with the handling (i.e. checking box 1a) are included in this recommended answer from last year regarding exclusion due to insolvency.

The handling is the same as insolvency except Part 2 (Create the Insolvency Worksheet) is not necessary. On the generated Canceled Debt Worksheet, you'll answer questions in Part VI (lines 37-41) instead of Lines 53-58.

You'll probably have more questions after this, but this can get you done relatively quickly.

https://ttlc.intuit.com/replies/5713860


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