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Form 982 for Eugene Oregon: What You Should Know
Do not include it on your return. Received a tax refund, and you don't want to exclude a canceled debt from your income because, for example, you are working part-time, you need the income to pay for care and other items, you are in the military, or you have a disabled child, you may use Form 982 to reduce the amount of the canceled debt. Make sure to include Form 982 with your returns. You may not want to include the canceled debt on your tax return. You may only be able to claim a reduced tax credit on the refund if you can show that the canceled debt is included in gross income on your return, but the canceled debt was reported on this Form 982. If you are working, you can choose between claiming the reduced credit or the standard tax credit. If you claim the standard tax credit, the amount you may claim is based on the filing status for the tax year in which you filed your personal tax return, not the year the tax liability was canceled. If you file a joint return, you and your spouse can claim the credit for an eligible debt in the year in which the debt was canceled. See How much credit do I get for the canceled debt? If you get a tax credit. The more debt you have, the more credit you will get. You must include the canceled debt and any amount reported on Form 982 in box 7 of Schedule A (Form 1040 or 1040 X) if you receive a tax refund, and you don't want to exclude the cancelled debt from your income because of the following, file Form 982 by mail with attachments to the address on the back of the tax return for the year you received the refund for a Form 1099-C Cancellation of Debt. Form 982 — Reduction of Tax Attributes — Tax Con the Form 1040 If you received a Form 1099-C Cancellation of Debt and are eligible to exclude the canceled debt from your income because of the following, file Form 982 by mail with attachments to the address on the back of the tax return under the Form 1040 line. You may use any amount reported on Form 1099-C Cancellation of Debt.
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