Entering Form 1099-C on an Individual return in ProConnect Tax

This article will show you how to enter Form 1099-C in the Individual module of Intuit ProConnect.

Follow these steps to report a 1099-C Cancelation of Debt for Form 1040:

1. Go to the Input Return ⮕ Income ⮕ SS Benefits, Alimony, Misc. Income.
2. Scroll down to the Alimony and Other Income section.
3. Enter the Cancelation of debt (1099-C) under the Cancelation of Debt subsection.
   • This amount is typically found on Form 1099-C, box 2. To verify, see the computation below.

Figuring the amount to use for Cancelation of Debt when viewing the 1099-C:

The total amount of debt immediately prior to foreclosure minus the fair market value of the property from Form 1099-C, box 7.

If less than 0, enter 0.

The amount on line 3 (of the computation) will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions; See Home Foreclosures and Debt Cancelation and Individual 1099-A 1099-C Foreclosure Repossession, Quitclaim Short Sale for more information.

Related topics

• Generating Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness