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Turbo Tax does not support IRS Form 982, which I need to file, I have purchased the Business addition. I have downloaded from the IRS Form 982, how do I integrate the results of form 982, which reduces my taxable income?
Turbo Tax is listing Form 982 as available, have you done updates?
In order to successfully file your return and exclude income from your return due to insolvency or other reason, you must file Form 982 with your return. If you cannot get this form in Turbo Tax, and you wish to file electronically, you can reduce your cancellation of debt income by either removing the form it was reported on or changing the amount of the form to reflect the correct taxable amount. You can file electronically, but then you should file a paper amended return and include the Form 982. There will not be a change in tax, but you still need to file Form 982 to show the reason you are excluding cancellation of debt from income.
Please let me know if you need additional assistance.
I have form 982, have done updates. need to know the best way to manipulate TurboTax gross, ie. print forms without the 982 amount, then reprint with the 982 amount, include 982 and substitute the forms I need? I think I have to show the amount to the IRS. TurboTax will not do the math. Is it a straight subtraction of the 982 amount?
Can you go to your "View Forms" mode and tell me what numbers show up on your Form 982 and on what lines?
Where is cancellation of debt being reported? 1099C?
What exclusion are you using on form 982?
What type of debt is this?