Question

Hello, I receive a 1099-C for a debt that was forgiven. I amended that year's return. This was my first time doing this, and now I'm wondering did I need to enter the

Forum|Forum|4 years ago
May 11, 2022
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Hello, I receive a 1099-C for a debt that was forgiven. I amended that year's return. This was my first time doing this, and now I'm wondering did I need to enter the 1099-C information somewhere else? I only entered the information in the form for insolvency. I believe it is form 982. Did I do it right just to enter the 1099-C information on form 982 only? Thanks in advance!

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leeloo

No, you have to record the income from the form itself. the income is taxable and must be included on your return. The IRS will determine if you are insolvent. You would still include Form 982.

https://ttlc.intuit.com/community/retirement/discussion/where-do-i-enter-my-1099-c/00/617988#:~:text=Go%20to%20Federal%20Taxes,1099%2DA%2C%201099%2DC