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1 reply

J
JulieS
January 27, 2020

Debt forgiveness is taxable in some cases. This is how to enter it in Turbo Tax:

  1. Use the search box in the upper right corner to search for 1099-C.
  2. Click on Go to 1099-C. 
  3. Answer the questions to according to your situation. 

Note: This form is not ready in Turbo Tax yet. (Form 982)

 

If you were insolvent at the time the debt was forgiven, you may be able to show this should not be taxed by completing an Insolvency Worksheet. It is on page 6 of these instructions.  Click here for more information.

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