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Form 982 for Tampa Florida: What You Should Know

Chuvash Family Law | Business and Tax Center Tampa You are seeking to reduce your federal adjusted gross income (AGI) below the applicable limits. The IRS provides a form called Form 982(a) or a similar form, to accomplish this. This form is only to be used if the debt is discharged from income on some other basis. The following rules apply to this form; It is not appropriate for individuals who do not have qualifying children who are members of your household. This form must be used for individuals who have qualifying children who are members of your household who are filing for a discharge of debt. Any income excluded would have been previously excluded under the “standard” form. The tax liability that may be reduced under the form is equal to two times the amount of income excluded. A discharge of the debt is a discharge of the debt for federal income tax purposes. The discharge of the debt does not affect state or local taxes. The payment of the interest or any other amounts paid as additional discharge of the debt would be allowed under the standard form. Chuvash Form 12.982(a — Revised October 21, 2017) Cynthia Williams, RCTV Tampa, FL This form must be filed with each federal return as a filing requirement. It is generally used when an adult has a debt and is unable to work. Also, the adult would like to have the discharge of the debt excluded from taxable income. This form can be used in all 50 states where the state is in compliance with the Uniform Discharge of Debts Act. Any state in which the person has no state income tax would also be exempt. The tax liability that can be reduced under the form is equal to two times the amount of income excluded. Cynthia Williams, RCTV Tampa, FL Cynthia Williams, RCTV Tampa, FL The Florida Supreme Court granted leave for this form to be approved for use, and it has now been approved by the Governor. The form is also used for a discharge of an individual's or family's business debts as well as any debt the individual has with a state or local government entity. In addition, this form can be used as a substitute for Form W-2. Cynthia Williams, RCTV Tampa, FL This form provides an additional chance to pay any additional tax that is due upon discharging the debt.

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