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How do I report a debt cancellation that was in my husband name. [PII Removed] for the amount of $7848.77 from Bank of America. Date was 12/30/2016
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Yes, if you received Form 1099-C for the Cancellation of Debt, you may enter this under Wages & Income.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "1099-c", hit Enter, and click on "jump to 1099-c" to go directly to beginning of this topic.
Or go to My Account >> Tools >> Topic Search. Type in "1099-c", then click the topic in the list to go directly to the start of this section.
(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)
If you believe this debt should be excluded from your taxable income, you may need to contact a tax professional in your area who can advise you on your personal tax situation.
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