IRS Form 982 is used to exclude canceled debt from taxable income under Section 108 and apply required reductions to certain tax attributes.
Fill out Form 982 online in minutes with our editor. Just enter the required details and download the form.
Form 982
2018
Official IRS form
Monthly top‑searched
Form 982
2018
Official IRS form
Monthly top‑searched
IRS Form 982 is used to exclude canceled debt from taxable income under Section 108 and apply required reductions to certain tax attributes.
Fill out Form 982 online in minutes with our editor. Just enter the required details and download the form.
How to Fill Out a Form 982
- Open the editable Form 982.
- Enter your identifying information.
- Select the correct exclusion (Lines 1a - 1e) according to Form 982 instructions.
- Enter the excluded amount on line 2.
- Complete Part II and apply basis reductions if required.
- Attach IRS Form 982 to your tax return.
What Is a Form 982 Used For?
Form 982 is used to exclude canceled, forgiven, or discharged debt from taxable income and to reduce certain tax attributes. Even though canceled debt is generally taxable, IRS Form 982 applies for exclusions under specific IRC Section 108 cases, such as bankruptcy, insolvency, or principal residence indebtedness.
Who Should Use a Form 982?
Any taxpayer who excludes discharged debt from taxable income due to qualifying circumstances like bankruptcy, insolvency, principal residence indebtedness, or certain farm or business debts should use Form 982.
When Is a Form 982 Due?
Form 982 is due along with your federal income tax return for the year in which the discharged debt is excluded from taxable income. It is attached to your applicable income tax return, such as Form 1040 or 1040-SR for individuals, Form 1120 for corporations, Form 1041 for estates and trusts, or Form 1065 for partnerships. Filing deadlines follow your regular tax return due date, including extensions.
What Happens If a Form 982 Is Not Submitted?
If Form 982 is not submitted on time, the IRS may treat the discharged debt as taxable income. This can increase your reported income and may result in additional tax, interest, or penalties.
How and Where Do I File a Form 982?
You file Form 982 with your federal income tax return and submit it to the IRS either electronically or by mail, depending on your filing method.
How to Get Your Form 982
1
Open the fillable Form 982
2
Enter the required details
3
Download Form 982
#1. How do I get a blank Form 982?
You can get a blank Form 982 either from the IRS or from pdf.net. With our online editor, you get a full suite of tools to fill out Form 982 online easily.
#2. Can I submit the Form 982 electronically?
Yes, you can submit Form 982 electronically if you file your tax return through approved e-file methods. However, remember that the form is included as part of your overall tax filing, not submitted on its own.
#3. What if my Form 982 is missing information?
If your Form 982 is missing information, the IRS may reject the form, delay processing, or send you a notice requesting clarification or corrections. You should file an amended return using the appropriate form for your return type—e.g., Form 1040-X for individuals—and attach the corrected Form 982.
#4. Can I fill out my Form 982 online?
Yes, you can fill out Form 982 online with pdf.net. Our tool is fully browser-based, so there is no need to install any software. Open the fillable form and enter your information directly. When you are done, download a ready-to-file copy to submit electronically or print it and send it by mail.
#5. Is this form free?
This form is free to view and access. However, to download your Form 982, you need to register for an account.
#6. Can I correct mistakes on a Form 982?
Yes, you can correct mistakes on your form by filing an amended tax return. If the IRS notices the error first, they may send a letter requesting clarification or additional information instead. You should review the Form 982 example carefully to avoid making further errors.
#7. How long does it take to process a Form 982?
It takes around 21 days to process an e-filed Form 982, as it is attached to your income tax return. Paper submissions can take a bit longer. Make sure to complete it correctly using a Form 982 example to avoid further delays.