1099-C How Would I enter this into Turbo Tax?

[technoreid1]

I received a 1099-C from Capital One credit card. Box #1 has the date canceled: 6/16/08. Box #2 has the amount of 1,182.00 in it. Box #6 is checked (Bankruptcy)....

I have been using TurboTax and it did ask me if I had a 1099-C and I said yes... it then brought me to a screen that said something like "You need a Pro, this is beyond TurboTax......" It also asked me if I have a 1099-A (which I do) and it seemed to take that fine with no problems.

Does anyone know if I really need to report this? And if I do, is there another way around this by entering it into TurboTax in another area such as "Other" income?
which would be line 21 on the 1040.

thanks, techno

[TEW]

I received a 1099-C from Capital One credit card. Box #1 has the date canceled: 6/16/08. Box #2 has the amount of 1,182.00 in it. Box #6 is checked (Bankruptcy)....

I have been using TurboTax and it did ask me if I had a 1099-C and I said yes... it then brought me to a screen that said something like "You need a Pro, this is beyond TurboTax......" It also asked me if I have a 1099-A (which I do) and it seemed to take that fine with no problems.

Does anyone know if I really need to report this? And if I do, is there another way around this by entering it into TurboTax in another area such as "Other" income?
which would be line 21 on the 1040.

thanks, techno

http://www.irs.gov/pub/irs-pdf/i1099ac.pdf
Yes you have to reporst it. use this form

[technoreid1]

http://www.irs.gov/pub/irs-pdf/i1099ac.pdf
Yes you have to reporst it. use this form

Thanks... I read hat form and I found this:

Exceptions

You are not required to report on Form 1099-C the following:
1. Certain bankruptcies. You are not required to report a debt
discharged in bankruptcy unless you know from information
included in your books and records that the debt was incurred for
business or investment purposes.

What do you think?


Thanks, techno

[Flamingo]

Was the 1099-C for forgiven debt or was the amount discharged in bankruptcy? If the amount was included in your filing and discharged, you do not include that amount in your tax filing. If the amount was for debt forgiven last year, then it is taxable income.\

Capital One should not have sent a 1099-C if the debt was included in your bankruptcy filing.

[technoreid1]

Was the 1099-C for forgiven debt or was the amount discharged in bankruptcy? If the amount was included in your filing and discharged, you do not include that amount in your tax filing. If the amount was for debt forgiven last year, then it is taxable income.\

Capital One should not have sent a 1099-C if the debt was included in your bankruptcy filing.

It was included in my bankruptcy. It is on my list of creditors in my BK (which was a discharged BK7)

So I should not have received a 1099-C if the debt was included in my bankruptcy?

Box #6 on the 1099-C is checked with an X for bankruptcy.

Is this strange?

techno

[jb1997]

1099c

Reference this IRS publication, page 4 - Exclusions:

http://www.irs.gov/pub/irs-pdf/p4681.pdf

I think you file form 982 with your taxes.