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Screen Insolve - Insolvency Worksheet
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Overview
The Insolvency Worksheet allows the user to calculate the amount to which a taxpayer was insolvent to exclude canceled debt from income. UltraTax CS calculates the insolvency of a taxpayer, spouse, or joint. See IRS Publication 4681 for more information.
Liabilities (Debts)
Credit card debt, Mortgages, etc.
Use these fields to enter the liabilities of the taxpayer immediately before the debt cancellation. UltraTax CS transfers the amount to the corresponding lines on the Insolvency Worksheet.
Assets
Cash and bank account balances, Residence(s), etc.
Use these fields to enter the fair market value of the taxpayer's assets immediately before the debt cancellation. UltraTax CS transfers the amount to the corresponding lines on the Insolvency Worksheet.
note
UltraTax CS works in conjunction with the total amount of debt excluded from income due to insolvency calculated on the Cancellation of Debt Worksheet. The total amount of debt excluded from income due to insolvency is reported on the Insolvency Worksheet, line 42. If the total amount of debt to be excluded from income due to insolvency is greater than the calculated insolvency on the Insolvency Worksheet, line 40, UltraTax CS reports a diagnostic stating that the taxpayer is excluding more debt from income due to insolvency than calculated.