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R
rkworsham
Level 1
May 21, 2020
Question

Where do you show a client is insolvent at the time of a cancellation of debt on a California form?

  • May 21, 2020
  • 2 replies
  • 10 views
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2 replies

George4Tacks
George4Tacks
Level 15
May 21, 2020

982 will be applicable to CA as well as IRS. https://proconnect.intuit.com/community/help-articles/help/generating-form-982-reduction-of-tax-attributes-due-to-discharge/00/5178

Note that the discharge does NOT flow to 1040, so you need to enter another "other income" item such as "Insolvency Form 982" and a negative number to indicate the amount.

 

Answers are easy. Questions are hard!
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    May 21, 2020

    Since CA starts with the fed AGI and the federal copy is sent with CA, Ive never done anything extra on a CA return for canceled debt with insolvency....but Im using proseries, so maybe PTO is different

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