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Video instructions and help with filling out and completing form 982 instructions 2021
Hi my name is Eric Olsen executive director of helps nonprofit law firm this brief video is going to address the question of what do I do if I get a 1099 C from the IRS specifically as it pertains to seniors what a 1099 C is is a notice that is given to the IRS a copy goes to you from a creditor that has written your debt off as uncollectible and it's the C stands for cancellation and the way it works is that that debt is deemed to be income and in certain instances taxes would have to be paid on that debt there's a lot of misunderstandings about a 1099 C especially for seniors and especially for lower income and poor seniors and I want to clarify that right now so if you do get a 1099 C you can file an IRS Form 982 and ninety to one B that could be checked that if says that you are insolvent in other words that your debts exceed your liabilities if you're insolvent then there is no tax liability also if you filed a bankruptcy but for most seniors if they have debts that exceed their liabilities then they're technically insolvent and there'd be no tax I'm going to give you some practical experience on this too if you're not required to file taxes and you just get Social Security and you get a 1099 C it's been our experience with IRS will never follow up with you and say you need to do something but if you ever did if you ever got a notice then you could always file a 982 later but if you're not required to file taxes they're probably never gonna even hear from them sometimes people when they fill out the 982 they may make mistakes in in this manner they may not count all their debt that they have to indicate that they're insolvent or they may over value their assets so what does it mean when you're insolvent so what it means it's like if you've got $50,000 worth of property let's say a mobile home or a car and a little bit of furniture but when you count up all the debt you owe maybe what you owe on the mobile home maybe what you owe on the car loan and all on the credit cards even pass through credit cards even the 1099 seed that that you owe the one that was written off you add all that up if that's $100,000 then a hundred thousand is or is more than fifty thousand you're insolvent and there's no tax but let's say for example there there would be a tax even if there is a tax in most cases lower income and poor seniors can qualify for non collectible now status with the IRS on a website we have forms and actually articles on how to apply for for a non collectible now status helps.