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    clarinet3685's Avatar
    clarinet3685 Posts: 2, Reputation: 1
    New Member
     
    #1

    Jan 6, 2011, 09:07 PM
    How to show we were insolvent when we settled our credit card?
    We settled our credit card a few months back, and we're waiting on the 1099 form. I have always used TurboTax, but I will be finding a CPA to do our taxes this year with the 1099. We own our home, but aside from that, we have nothing in the bank, next to nothing in retirement. I'm hoping we can prove we were insolvent so we don't get penalized for the settlement. Any advice would be great!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,784, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 7, 2011, 10:29 AM
    How much debt was forgiven on the credit card settlement?

    How much other income did you earned in aggregate in 2010?
    clarinet3685's Avatar
    clarinet3685 Posts: 2, Reputation: 1
    New Member
     
    #3

    Jan 7, 2011, 05:17 PM
    Comment on AtlantaTaxExpert's post
    About $2000 was forgiven, and my husband makes ~$42000/year. We are a family of 3. Thank you so much! Is there anyone you would recommend as a cpa? We are in Gwinnett county.

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