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OK online Form 982: What You Should Know
A. File a Form 982. You must use the correct amount of forgiven debt. The Form 982 does not have a checkbox for zero for forgiven debts (unless you received a 099c). Be sure your Form 982 includes a complete set of the following: a. Date you accepted or closed the debtor's debt Note, if you are able to collect the money you owe on the debt, then it is considered accepted when it is sent to the attorney, and not when it was settled. If the time period ends before you collect, or you can't get the money right away, your forgiven debt is still considered accepted. When you are ready to file the Form 982, you will need to file online with Form SS-4. It can take up to three (3) weeks for Forms SS-4 to be received by the IRS. Also, don't forget to file this form with the other forms you reported and paid for online. Note, if you file this form by paper, you may have to wait four (4) months for your form to be processed due to the IRS processing these forms for each separate state. So, don't wait until the last minute and do this by paper. When you file the Form 982, it is important to list all the forgiven debt forgiven. If you list the debt that has been forgiven to the exclusion of income, it is included in Box 13 of the Form 982. It is not included as part of Box 14 on the Form 982. b. Amount of debt forgiven, not included in Box 13 As above, don't use a zero amount unless you were able to collect on that particular debt. If you listed more debt than is included, that is included in Box 13. The amount listed in Box 13 is 600 or more. c. The amount of canceled debt in box 13 of the form does not include the forgiven portion It is important to list the amount of canceled debt that was forgiven as part of the total amount in box 13. The rest of the debt should be excluded from income because of these exclusions. d. Number of debts forgiven There is one exception to the exclusion of all canceled debt from income.
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