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Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness) reports the amount of cancelled debt to excluded from taxable income. We'll automatically generate Form 982 if your cancelled debt is due to: Cancellation of qualified principal residence indebtedness, aka mortgage debt relief; Debt cancelled in a Title 11 bankruptcy;
Check Form 982. 1. Enter Form 1099-C. To enter your 1099-C: 1. Open (continue) your return, if it's not already open. 2. In the TurboTax program, search for 1099-C or 1099C (lower-case also works) and then click or tap the "Jump to" link in the search results. 3. Select the type of canceled debt (main home or other) and then click or tap Continue.
Entering forgiven debt on a qualified personal residence. You should have received a 1099-C from your mortgage company. After you enter the info from it, we'll determine if the forgiven debt qualifies for the exclusion. If it does, we'll also fill out Form 982 as part of your return. Entering other types of excludable canceled debt.
We received (4) 1099C for discharge of credit card debt. Two are in my name and two are in my husband's name. We file jointly. I have completed 4 different insolvency worksheets for all 4 1099C and we are definitely insolvent. My question is, do I fill out one 982 form or do I complete (4) 982 f...
IRS form 982 is supported in TurboTax versions Deluxe and above. Enter '982' in the magnifying glass in the upper right hand corner of the screen. Click on 'jump to 982'. Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness) reports the amount of cancelled debt to be excluded from taxable income. TurboTax will automatically ...
Enter 982 in the Search box located in the upper right of the program screen. Click on Jump to 982. For direct access to the Form 982 click on Forms. When in Forms mode click on Open Form in the upper left of the screen. Type in 982. Click on the result to open the form.
1 Best answer. IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) The Form 982 is completed by the TurboTax software after you enter the Form 1099-C you received for the cancelled debt. To enter a Form 1099-C. Or enter 1099-c in the Search box located in the upper right of the program ...
JamesG1. Expert Alumni. IRS form 982 instructions read as follows: Line 10a. In the case of a title 11 case or insolvency, the reduction in basis is limited to the aggregate of the basis of your property immediately after the discharge over the aggregate of your liabilities immediately after the discharge. However, this limit doesn’t apply to ...
TurboTax does not have an interview for form 982, which is where you report your insolvency exception. To get to form 982, you need to have the desktop software (which you already do), then you need to go into Forms mode. Once in Form mode, click on the icon "Open Form" (upper left), then search for 982,
If you had canceled debts in multiple years, you will need to determine if insolvency was a factor for each year. For example, if you had debts cancelled in 2019 and 2018, you will need to determine insolvency for Form 982 for 2019 and 2018. Please visit Publication 4681 and Instructions for Form 982 and read the rules and restrictions very ...