Multiple 1099-C entering on to Form 982 Coordination Question

[DolceDolce]

Hello!

Husband and I received several 1099-C (s) for discharge of credit card debt.  Some are in his name, and some in my name, and we are MFJ.  I know how to complete the insolvency worksheet, and I know for certain we are insolvent.  My Turbo Tax edition is the downloaded file from Turbo Tax that I work on from my desktop.

• In Turbo Tax, do I enter one Form 982 for the total of all of the 1099-C (s) together?
• And for the insolvency worksheets, I will need to do a unique insolvency worksheet for each 1099-C, to accurately show our financial status the day before the debt was cancelled.  Is that right? Also, I had a business credit card that I also did a 1099-C.  On my tax account transcript, it doesn't show the 1099-C.  I do need to double check tomorrow and make sure I didn't go ahead and just pay them in full at the last minute.  However - just in case there was a business card in the mix, do business issue a 1099-C or is it reserved only for personal accounts? All of mine showed up on my online IRS transcript, but not this one.  
  
  Thank you so much for your time and patience with me...I appreciate it.

[Mike9241]

if the business debt was for other than a business reported directly on your tax return like schedule C or schedule E page 1 rental or royalty activities then the COD should have been reported on the business tax return such as form 1065, 1120-S, 1120.......

each 1099-C is entered separately.  here are the instructions listed on the Turbotax COD worksheet

A. for unsecured debt:

a) one COD worksheet for all personal debts canceled on the same date. if there is more than one you link them to one COD worksheet

b) use a separate copy of the COD worksheet for debts related to each business or rental activity

B. for secured debt use a separate COD worksheet for each

Turbotax will automatically generate one 982 for all the 1099-Cs. after the 1099-C's are completed you need to complete the 982.

also if the business 1099-C was for say a mortgage cancellation and you lost the asset/property as part of the satisfaction of the debt you have to complete the disposal info for that asset/property

1099-Cs are filed for all types of entities

you need to read the 982 instructions.  because you are filing late certain elections are no longer available.

it will provide instructions for completing the form, different types of debt need different entries.

[DolceDolce]

Thank you for the excellent detail.

Okay, I will make a good run at this today, and try to knock it out!

The business credit card was a small card, less than $2K was the balance.  There is no documentation on my tax account transcript of a cancelled business card.  I will double check tomorrow.  I was a sole proprietor - website building services.  

[DolceDolce]

I wanted to follow up and let you know that the lender didn't send me a business cancelled debt because it was under $600, although another lender did send me one for $450.  Also, I had a business credit card that is listed on my personal credit report, with a note that says "Business Credit Card," can I put this on the excel sheet I have for personal credit cards?  It's just listed as a standard account - meaning it's not a collection or anything.  Shows excellent payments, but it is on personal credit report right in alphabetical order amongst my personal credit cards.

For the pension interest question, in the manner of insolvency test, the pension we have is not available by any means.  Not until full retirement, nor by loan, reassignment, etc.  Do I still need to include it on the assets section?  

Thank you!