Hello Guys,
One of my taxpayers gave me a 1099-C to include in his tax filings. The form has an amount in Box 3 as well besides Box 2. I already put Box 2 in ProConnect. Where do we input Box 3 (interest) amount in ProConnect? This is a credit card debt that is cancelled by the bank.
Thank you!
Assuming a 1040, this would be personal interest that is not deductible, so there would be no entry.
Was the client insolvent?
Yes.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.