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I am filling out a form 982 because of a late 1099-c form, i…

I am filling out...

I am filling out a form 982 because of a late 1099-c form, i have the amendment done, this form is from a discharge of indebtedness from a credit card debt, , i am confused with part II and part III, Part I I answered with choosing (B) and question 2 with the amount that was discharged in 2017, this is a solvency situation only from a credit card debt, no real estate is involved

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Just to help me with the 982 form

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Answered in 13 minutes by:
3/9/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,101
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Customer reply replied 1 month ago
Take your time, thanks for your help, I do need to know if there is another form I should be sending along with the amendment. Also, I have read all the instructions to fill out the form 982, they are kind of hard to understand, I am filling out this form for someone else, since I added to the income amount, I should send the amendment to both federal and state, then I have to fill out form 982 to get the amount waved for taxes, I hope this is right. Only the form 982 has to be sent to them, the worksheet that is to fill out is just for the tax payers copy?? Thanks again

If this is personal credit card debt that was discharged in chapter 11 bankruptcy then you do not need to pay taxes on the discharged debt. It is an exception to the IRS provisions regarding cancelled debt as income. There are several exceptions the two that appear to apply for you is discharge in bankruptcy and perhaps insolvency.

In regard to form 982 setions II and III are not applicable to your situation.

You can mark N/A in both sections. (Write N/A in both sections)

In section I check box 1 b - insolvency

or 1 a if that is applicable. You need to check just one of these boxes whichever one is more appropriate.

the remainder of the form is not applicable.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

(Please do not forget to rate me – click the five stars. It adds nothing additional to your costs, but it helps me greatly. Plus it is good Karma for you. Thank you.)

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see this IRS discussion on the topic.

https://www.irs.gov/pub/irs-pdf/p4681.pdf

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Customer reply replied 1 month ago
hi, thanks for the fast reply, this is only insolvency, it did not go thru the courts, is the info you gave me still ok, the worksheet is not applicable, is there another form that needs filled out?
Check the section 1 box re insolvency.
Just need the form not the work sheet.
No other form is needed.Good luck.
Kind regards,
Gerald
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Customer reply replied 1 month ago
Thanks for your help, I appreciate it. This was rough, new to me. I will give you an excellent rating.
You are welcome.
Gerald, Esq
Gerald, Esq, Attorney
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