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Reporting Form 1099-C, Cancelation of debt on Form 1041 in Lacerte

by Intuit Updated 1 year ago

The IRS hasn't provided guidance on how a cancelation of debt (Form 1099-C) should be reported on a fiduciary return. For further assistance, contact the IRS or refer to About Form 1099-C, Cancelation of Debt.

If the IRS suggests reporting the amount on Line 8, Other Income:

  1. Go to Screen 20, Other Income.
  2. Enter the Description.
  3. Enter the amount in the field labeled Income.
Lacerte Tax

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