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982 instructions Form: What You Should Know
Instructions for filing Form 982 — Reduction of Tax Attributes — Center Instructions for filing IRS Form 982 to exclude — IRS Instructions for filing tax form 982 — Reduction of tax attributes due to discharge Instructions for how to complete IRS Form 982- How to Fill it Right — Wonder share PDF element Instructions for How to Complete IRS 982- Step 1 : Obtain and complete the form. Schedule E (Form 1099-C Cancellation of Debt). If you are an individual, select the Complete this form when you're done box (. If you are a taxpayer, and you have a spouse, select the next page, then click on the line for “Exclude from Income: In general”, and write down the “Amount of debt canceled” that you must report. If you are married filing jointly, you should select the “Amount of debt cancelled” that you must report for both spouses if you're filing your separate return. If there are no marital deductions, you should select the “Amount of debt canceled by you.” Note. If you filed a joint return, you may select the “Amount of debt canceled by you” to be the “Reduction of tax attributes due to discharge” for only you. Also, the amount of credit or refund that you claimed for this cancellation should include the amount of the tax you paid on the debt with the amount you deducted on your return. Note. If that amount is the only credit or refund, there will be no tax withheld. Instructions for filing IRS Form 982-Reduction of tax attributes due to discharge Step 2 : Enter the amount of credit or refund that is attributable to the reduction of tax attributes due to discharge on line 3a, using the code “11”. If you don't enter the credit or refund, the credit or refund for a tax year will be zero (zero is zero). If the amount of credit or refund on line 3a is less than the amount on line 3b, enter the credit or refund on line 3a after entering the amount of credit or refund that is attributable to the reduction of tax attributes due to discharge on line 3b. Also, you should not enter the amount of credit or refund on line 3b before entering the amount of credit or refund that is attributable to the reduction of tax attributes due to discharge on line 3a. For more information on Form 1099, see the FAQ section of our Tax Topic page.
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