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Taxes on Debt Forgiveness
Hi All,
My Dad received $16,000 in debt forgiveness for student loans because he's permanently and totally disabled.
We received a 1099-C in the mail showing this and when I went to put it in TurboTax it bumped up the total taxes he has to pay to an additional $4,000. I was researching and found that he might be exempt from these taxes by filing a Form 982 along with his federal tax forms. Needless to say, this form is very confusing and I'm not really sure how to go about filling it out or if it's even the correct form to fill out.
Do you guys have any advice or thoughts on what I can do about this?
TIA
My Dad received $16,000 in debt forgiveness for student loans because he's permanently and totally disabled.
We received a 1099-C in the mail showing this and when I went to put it in TurboTax it bumped up the total taxes he has to pay to an additional $4,000. I was researching and found that he might be exempt from these taxes by filing a Form 982 along with his federal tax forms. Needless to say, this form is very confusing and I'm not really sure how to go about filling it out or if it's even the correct form to fill out.
Do you guys have any advice or thoughts on what I can do about this?
TIA
