Form 982 PLEASE HELP

[tsuewalker]

Client has a 1099C with $18,369 in box 3 and vehicle in box 4. This debt was discharged in bankruptcy. Attorney told him to use Form 982 to eliminate having to pay taxes on this amount. I don't find this form on my program. I pulled one off of IRS with the instructions. I've never seen this form, so this is all new to me. Do I just check the 1a box in Part I and put the $18,369 in box 2. Do I have to fill out Part II and Part III? Final question, does this now become a paper return? Thanks for your help in advance.

tsw

[BOB W]

Check the box on 982 for bankruptcy, and you are done. 1099C should not have been issued in the first place but sh.. happens.

[kathyc2]

Agree w/ Bob's response, but curious what software you are using that doesn't have 982 availability?

[BOB W]

Mine is also difficult to find. In mine it is under "other forms".

[TAX4US]

I was told that for the company to write this off they had to file the 1099-c. Not sure how they would because most large co's carry an allowance for bad debts.

[kathyc2]

Mine is also difficult to find. In mine it is under "other forms".

I've been toying with the idea of changing software for the last couple of years. Although I've probably filed less than a handful of 962's ever, I would not want to change to a software than doesn't have some of the more obscure forms available.

[tsuewalker]

Found the form. I was searching for Form 982 and it was listed as simply 982. I use TaxWise and have for the past 12 years. It's the most user friendly program I have used and I've tried several. Thank you guys so much for your help, I really appreciate it!!

[tsuewalker]

I've been toying with the idea of changing software for the last couple of years. Although I've probably filed less than a handful of 962's ever, I would not want to change to a software than doesn't have some of the more obscure forms available.

I use TaxWise and I found the form. Love the software. Been using for 12 years. Super user-friendly.