Last year, I had submitted my tax forms to my usual CPA; I needed to use an insolvency worksheet. He had filed an extension, then he retired. Can turbo tax help me?

Forum|Forum|1 year ago
March 16, 2025
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Additional special circumstances - need to file as "married filing separately" based on attorney advice. I had removed money from a retirement account early but had paid all my taxes upfront upon withdrawal. The initial estimate I received from the CPA had a high amount estimated to be owed to the IRS, but had not factored in the insolvency worksheet. I just need to get the 2023 taxes wrapped up so I can move on to 2024 - I believe the insolvency should clear up most of these taxes but want to be sure I catch everything I need to on the 1040A.

TurboTax Online

JamesG1

If you have not yet reported your 2023 Federal 1040 income tax return, TurboTax is able to assist you. Select one of the options here.

What is the nature of the insolvency worksheet? The IRS form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness may be found here. Instructions are here.

I have not seen this form used in conjunction with retirement or pension income.

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