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982 instructions 2023 Form: What You Should Know
If you received a Form W-2 from the employer and are eligible to exclude a W-2 from your income because the wages you receive are excluded from gross income by section 404(b), enter here the portion of the W-2 on line 6 of the Form W-2 reported on line 14 of the Schedule W-2 (Form 1040), but not on line 14 of Schedule A. This section allows the exclusion of unpaid wages from income as a repayment of a debt. If the debt repayment was done on a Form 1099-C or other tax form made out of federal funds or in an action authorized under section 6055 of the Internal Revenue Code of 1986, you can't write “Amount of Debt” on line 7 of Form 982. If you get paid the taxes from an individual income tax return you should enter on line 11 the amount the payer paid to the payer and not on line 7. If you get paid the taxes in part of the payer's tax return, you can fill out Part II, Amount of Excluded Amount, but the payer's name is not required to appear on the Schedule 1099. You may also be able to deduct any interest or penalties paid on any refund of taxes that are allowed by the statute of limitations on the amount you claimed for deductions. Step 5: Get All the Details. Fill in the following information for both types of debt reduction: The name of the creditor and whether it is a personal or commercial creditor, if applicable. If the debt was paid on an income tax return, which is allowed by section 6511(c) of the Internal Revenue Code of 1986, enter the last 4 digits of the tax return number, as issued by the IRS. The name of the tax authority and the name, ZIP code and date of the tax return. (See Notice 2007-60, 2007-30 I.R.B. 1011, available at IRS.gov or on the yellow front of form 1099-C) The name of the payer and the payer's address, if different from the employer. If you were told to fill out this portion of form 982 in person, give it to your tax preparer at this point.
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