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If your debt is cancelled or forgiven, you'll receive Form 1099-C (Cancellation of Debt). Most of the time, cancelled debt is taxable, but there are exclusions and exceptions. We'll check for those after you've entered your 1099-C.
To enter your Form 1099-C in TurboTax, please follow the steps below:
Note: If you received a 1099-C for your main home and another 1099-C for something else (credit card, car loan, second mortgage, etc.) you won't be able to use TurboTax, as the interview doesn't support this.
i recieved a 1099c and i need to enter it in my return thats already signrd
If you haven't submitted your return for e-file yet, please follow the steps below:
If you’ve already submitted your return and it doesn’t reject through e-file, you’ll need to amend your return. Please see the TurboTax Help article How to amend (change or correct) a return you already filed for instruction on how to amend your previously-filed tax return.
TurboTax (Home & Business version) does not allow me to enter 1099 C form for a cancelled debt
Any advice on how to resolve this problem?
Thanks!
@khai_le_nc1 You would enter your cancelled debt income as follows in TurboTax:
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