I received a 1099C form and am trying to figure out whether or not I can claim insolvency on my taxes. What is confusing me is that I'm finding conflicting information on whether or not a 401K account is considered an asset when determining insolvency. I've spent several hours on the Internet and can't find any concrete information. I've not been able to find any information on the IRS website either. I've seen some worksheets out on the Internet that don't include 401K as an asset and others that do include it. Can someone please clarify? Many thanks.