Question

How can i get form 982

Forum|Forum|6 years ago
June 6, 2019
7 replies
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TurboTax Deluxe Online

A

AshleyRose

Employee

The easiest way to find/file form 982 in TurboTax Online is to go to:

Sign into TurboTax Online and click "Take me to my return." (if not already open.)
Once you are in your return on the left-hand side of the TurboTax Online screen click on TAX TOOLS and then TOOLS.
In the Tools window, choose TOPIC SEARCH.
Enter Form 982 without quotes.
In the list select Form 982 and click GO.
Now you will see "Tell us about your canceled debt."

For additional information on Form 982, Reduction of Tax Attributes:

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 canceled debt is for a qualified principal residence indebtedness, aka mortgage debt relief.

Search for 982 in your TurboTax program and then click the "Jump to" link to access the cancellation of debt section. You should have a 1099-C to report the amount of canceled debt. (You'll need to use TurboTax Deluxe or higher to file Form 982.)

If your canceled debt isn’t directly related to the purchase of the main home, the IRS has strict guidelines for determining how to report it. There are several options specific to each taxpayer’s situation. To determine which apply to you, we recommend you consult a tax professional or see IRS Publication 4681 or Publication 544.

Related Information:

S

statealum2014

Employee

I already added the 1099-C

RobertG

To file a Form 982 you will need the CD/Download version of TurboTax Deluxe or a higher edition.

According to IRS Publication 4681 You do not have to include a canceled debt in income to the extent that you were insolvent immediately before the cancellation. The publication includes an insolvency worksheet. If your debts exceed your assets, you are insolvent.

If you started your 2019 return in TurboTax Online and want to switch to the TurboTax CD/Download software, here's how. How do I switch from TurboTax Online to the TurboTax software?

Once you have switched to the CD/Download software you can switch to the Forms mode to complete Form 1099-C (Cancellation of Debt), Form 982, and the Canceled Debt Worksheet.

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J

joeyyharris

I mean no offense to you or your answer, which seems accurate and thorough, but in what universe does it make sense to charge for the insolvency form? I seriously cannot wrap my head around the logic. TurboTax is so painfully predatory. Hasan was right.

R

RoyAK78

From the Topic list, I must be missing the "Search" from the only expanded list "Income" that I opened and the income on the 1099-C is listed , but I don't see the easy step of Search as I said? Thanks,

RobertG

If you are in TurboTax CD/Download go to forms mode and select Open Form.

Then enter 982 and select Form 982.

Be sure to enter your 1099-C first.

@RoyAK78

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T

Tax Q

After i enter my 1099-C and then fill out form 982, the credit card debt is successfuly excluded from my return already. But

Do i need to send the IRS the actual Insolvency worksheet calculations with it?

W

waconorth

still unable to get form 982. Program not letting me enter that I was insolvent (more debt then what was canceled).

DoninGA

Employee

@waconorth wrote:

still unable to get form 982. Program not letting me enter that I was insolvent (more debt then what was canceled).

Entering insolvency using Form 982 can only be reported using the TurboTax desktop CD/Download editions, not the online editions.

TurboTax desktop editions for tax year 2019 - https://turbotax.intuit.com/personal-taxes/cd-download/

See this TurboTax support FAQ - https://ttlc.intuit.com/community/credits-and-deductions/help/is-canceled-forgiven-or-discharged-debt-taxable/01/25790

W

waconorth

so I have downloaded the software, imported the data from online to the computer and it is still saying the same thing and not pulling form 982.

P

pouyaav

I downloaded the pc version to access form 982

i could add form 982 ,but it doesn’t have step by step question and answer for complete the form 982

So now I have just completed form 1099-C and my cancel debt is taxable

how can I complete form 982 and then add it to my return for excluding that amount from my taxable income

i mean if turbo tax doesn’t have step by step format for 982 form,how can I complete this form manually and which part of that form should be complete ,if i had for example $2340 canceled debt when insolvency exemption applied to me.

J

JohnW152

You can find step-by-step instructions in the TurboTax Help article How do I report excludable (non-taxable) canceled debt?.

Also, as you're entering your Form 982 information into the program, it's helpful to have a pdf of both Form 982 and the Instructions for Form 982 in front of you.

In certain situations, you can exclude amount of discharged indebtedness from your gross income. You do this by filing Form 982 with your tax return.

B

bonnie28

I filed bankruptcy but it still wants the amount included on my 1099-c form as income. I was told by my bankruptcy lawyer to fill out a 982 form but it doesnt come up on turbotax

M

MayaD

Please clarify if you are entering forgiving debt on a qualified personal residence or other type of excludable canceled debt?

Please check the link below for more information and for instructions on how to complete form 982:

How do I report excludable (non-taxable) canceled debt?

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E

ellingtonlawanda

which one of the products do I download to get access to form 982. It is very confusing.

DMarkM1

TurboTax Deluxe Desktop and higher will have the form 982 available.

First enter all your information including the 1099-C for the cancelled debt as applicable
You can then switch to the "Forms mode" in the upper right corner of TurboTax
"Open Form" at the top of the form listing on the left hand side
Type in "982" in the search box to find the form 982
Highlight and "Open the form".

@ellingtonlawanda

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