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CO online Form 982: What You Should Know
If you are an individual — check box. Otherwise, answer “yes” If you are a business — check box. Otherwise, answer “yes” Click on Apply for Free and enter any other additional information required Aug 26, 2023 — The taxpayer's interest at the cancellation date must be excluded from the taxpayer's income. The tax consequences for each tax year before and after the date of the cancellation If you are an individual — answer “Yes” if you cancelled debt over 1 year before the date of cancellation Step 3: Fill out tax credits for your canceled debt as usual. If you have any other canceled Forms CPT Codes, click here for instructions Step 4: If a cancellation form has been submitted and the required information is in order, you will be able to complete your refund. Your refund will be based upon your total tax and canceled debt. Please understand that if you cancel tax debt under a special program for taxpayers with a hardship, such as persons in poverty, the refund will be based on the debt and not the other criteria. For more information about these types of special programs, please see our Cancellation Resources. Instructions for Form 985 — Cancellations Made to Tax Attributes Due to Suspension Note: You will need the IRS form 985 to reduce your tax basis and/or cost, or the canceled debt basis and cost. Directions: Fill out Internal Revenue Service form 985. Check box if you canceled debt before March 31, 2022. If you are a business, enter box 9 (for general) or box 10 (for property used in business). Otherwise, in box 4, write the name, address and TIN of the person who cancelled debt. Click on Apply for Free. Step 5: The Form 1099-C that you would have received after canceling debt with an exception will be reported to you. You will get the same credit on your return at any other time. Instructions for Form 1099-C Step 6: Keep Form 8968 (Credit Card Discounts) or Form 4679 (Consolidated Credit Card Account) until you receive your refund. These forms should not be used outside income tax preparers' offices.
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