Question

Amended return

Forum|Forum|4 years ago
January 13, 2022
1 reply
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I filed my 2020 tax with a 1099C. I received another 1099 C after I had filed. Both were part of a bankruptcy so need to file a 982.

Critter-3

See this TurboTax support FAQ for how to amend a tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-to-amend-change-or-correct-a-return-you-already-...

The screen where you enter Form 1099-C in TurboTax 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."

If you are using the CD or download TurboTax software, you can complete Form 982 for insolvency 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.