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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
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Can I file my taxes via TurboTax and mail in my Form 982?

Resolved Question:

Can I file my taxes via TurboTax and mail in my Form 982 separately? Do I also add my 1099-C which will show I own about $40,000 and then hope they forgive this amount, or leave it off and just add the 982?

Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

Expert: Lev replied 3 years ago.

Hi and welcome to JustAnswer! You may E-file with Form 980 – there is no need to mail this form in separately. You do not need to add your 1099C Form – the IRS already has that form – it was sent by the creditor.

Customer:

There is no 982 with TurboTax, so I can't e-file this form with them. I need to know if I can still e-file this way and then just mail in the 982. Also, do I enter the 1099C on my tax return?

LEV:

You can e-file with a form 982 - see for reference - http://turbotax.intuit.com/support/iq/Error-Check/Error---Form-982--Line-10b-must-have-a-value--When-Attempting-to-Efile/SLN57157.html

You do not need to enter form 1099C if the total amount of forgiven debt is excluded.
You only need to enter part of the forgiven debt that is not excluded - it is reported on form 1040 line 21.

Customer:

What does excluded mean?

LEX:

Excluded means - is not included into taxable income - that what you do by filing form 982. To get into Form 982 in TurboTax – Select the Tools icon (upper right of window) – Choose Topic Search – Type in Form 982 and click GO. Another way is to enter 1099-C or 1099-A – and you will be prompted for Form 982. Let me know if you need any help.

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