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jim655
New Member

I need to fill out a form 982 for debt insolvency to cover my 1099C income

 
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1 Reply
rjs
Level 15
Level 15

I need to fill out a form 982 for debt insolvency to cover my 1099C income

TurboTax does not support Form 982 for insolvency. The screen where you enter Form 1099-C says the following.

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

You can complete Form 982 and the Statement of Insolvency using the CD or download TurboTax software in forms mode, but there is essentially no help or guidance. You have to know what you're doing. That's why consulting a tax professional is recommended.

There is no way to complete Form 982 for insolvency in TurboTax Online.

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