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IRSOther IRS Forms (7000–9999)

Official form guide

Form 982: 982

IRS Form 982 is used to claim a reduction or elimination of tax attributes after a discharge of indebtedness, bankruptcy, or insolvency. File it with the tax return that reports the related cancellation of debt or other qualifying event.

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Form Overview

IRS Form 982 - 982

IRS Form 982 is used to claim a reduction or elimination of tax attributes after a discharge of indebtedness, bankruptcy, or insolvency. File it with the tax return that reports the related cancellation of debt or other qualifying event.

The form captures the type of discharge, the tax attribute being reduced, the amount reduced, and the legal basis for the reduction.

Risk Radar

Scan points
  • 1A single coding error can cause the entire reduction to be rejected.
  • 2Misidentifying the qualifying event code
  • 3Reducing a tax attribute beyond the allowed limit
  • 4Omitting required supporting statements
  • 5Using the wrong edition of the form

Plain English

When a debt is forgiven, you may be able to lower the amount of income, loss, or other tax items that would otherwise increase your tax bill. Form 982 tells the IRS which tax attributes you are reducing and why. It’s attached to the return where the forgiven debt is reported.

Submission Date

  • Filing date: 2021-12-27 22:10:12
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

indebtednessincome

Hover a term to preview the meaning.

What this form is for

  • Use when you have a qualified discharge of debt, bankruptcy, or insolvency.
  • Do not use for ordinary debt forgiveness that is fully taxable.
  • If you are filing a claim for a qualified principal residence indebtedness exclusion, see Form 982 instructions for special rules.

Form selector

Use this form or another form?

Discharge of debt that is taxable – Form 1099-C

Income must be reported on Form 1040

✓ Verify if exclusion applies before using Form 982

No Form 982 needed

Bankruptcy case – Schedule B of Form 1120‑S

S‑corp may need to reduce basis

✓ Confirm corporation’s eligibility

Form 982 may still be required

Deadline or filing window

Attach Form 982 to the tax return for the year the discharge occurs. The filing deadline is the same as the return’s deadline (typically April 15), including any approved extensions. If you file an amended return, include Form 982 with the amendment.

  • —Amount of discharged debt | Subtract any excluded amount | Reduced taxable income | Verify exclusion eligibility first

Checklist

What you need before filling it out

1

Line 1 – Discharge type

Court order, lender statement · Discharge documents

⚠ Often left blank or wrong code✕ High
2

Line 2 – Tax attribute reduced

Worksheet calculations · Prior year tax return

⚠ Mis‑calculated reduction amount✕ Medium
3

Line 3 – Amount reduced

Computed reduction · Tax return schedules

⚠ Rounding errors✕ Low
4

Signature block (if attached to paper return)

Taxpayer signature on return · Return signature page

⚠ Missing signature on return invalidates attachment✕ High

Before you submit

  1. 1Confirm the qualifying event matches one of the codes in the instructions.
  2. 2Calculate reduction amount using the worksheet.
  3. 3Enter the correct code and amount on Form 982.
  4. 4Attach Form 982 to the front of the tax return (paper) or as a PDF (e‑file).
  5. 5Verify the edition date is 2024.
  6. 6Check that the return’s mailing address matches the address on the form’s instructions.
  7. 7Ensure any required statements or worksheets are included.
  8. 8If filing an amendment, attach Form 982 to the amended return.
  9. 9Retain copies of the discharge documents for your records.
  10. 10Double‑check rounding to the nearest dollar.

How to file this form

  1. 1Gather discharge, bankruptcy, or insolvency documents.
  2. 2Run the reduction worksheet in the Form 982 instructions.
  3. 3Complete the appropriate lines on Form 982.
  4. 4Attach the form to the tax return (paper) or upload as PDF (e‑file).
  5. 5Mail or e‑file the return to the address specified for the return type.
  6. 6Keep a copy of the completed Form 982 and supporting documents.

Known limitations

  1. 1The form does not calculate the reduction; you must use the worksheet.
  2. 2Only one reduction per tax attribute can be claimed per return.
  3. 3Form 982 does not require a signature, but the underlying return must be signed.
  4. 4IRS may request additional documentation after filing.

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 982 is currently released for tax year 2024. Check the IRS website for any updates before filing.

What changed or needs a fresh check

  • Edition date – verify the form is the 2024 edition
  • Fee – no filing fee for Form 982
  • Mailing address – use the address for the tax return you are filing
  • E‑file compatibility – confirm your software supports PDF attachment
  • Signature – no signature required on Form 982 itself

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Quick Facts

Taxpayers (individuals, estates, trusts, corporations) who have a qualified discharge of debt, bankruptcy, or insolvency.
The form captures the type of discharge, the tax attribute being reduced, the amount reduced, and the legal basis for the reduction.
Attach Form 982 to the tax return for the year in which the discharge, bankruptcy, or insolvency occurs. The deadline matches the return’s filing deadline, including extensions.
Mail the completed form with the appropriate federal income tax return to the address listed in the return’s instructions. For e‑file, attach it as a PDF when the software allows.
Incorrect amounts or missing codes can cause the IRS to disallow the reduction, leading to additional tax, interest, and penalties.
1. Identify the qualifying event (e.g., discharge of indebtedness, bankruptcy, insolvency). 2. Determine which tax attribute(s) can be reduced (e.g., basis, loss carryovers). 3. Calculate the allowable reduction amount using the worksheet in the instructions. 4. Complete the appropriate boxes on Form 982, enter the reduction amount, and attach to the tax return.

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Blank Form 982↗Instructions↗

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After you file

  1. 1Store the discharge documents and Form 982 copy for at least three years.
  2. 2Monitor any IRS notices for requests for clarification.
  3. 3If you receive a CP2000 or audit notice, verify the reduction amount matches your worksheet.
  4. 4Update your tax basis records to reflect the reduction.
  5. 5If the reduction is disallowed, prepare an amended return with corrected amounts.

Sources

  • SRCIRS Form 982 instructionsprovides purpose and qualifying events
  • SRCIRS Publication 4681Discharge of Indebtedness
  • SRCIRS websitecurrent edition date for 2024
  • SRCForm 1040 filing instructionsaddress and deadline alignment
  • SRCIRS e‑file guidelinesattachment rules
  • SRCNot clearly stated in the provided official source

Common confusion points

Discharge type code

Taxpayers often mix up codes for bankruptcy vs. insolvency

→ Verify the event description in the instructions

Amount reduced vs. amount of debt

Users sometimes enter total debt instead of reduced amount

→ Use the worksheet to isolate the reduction

E‑file attachment

Some software hides the attachment option

→ Confirm PDF upload before final submission

Eligibility for principal residence exclusion

Overlaps with Form 982 but has separate rules

→ Review the specific exclusion criteria

Workflow map

Related forms and next steps

4 signals

Before

Form 1099‑C – Reports canceled debt to the taxpayer

Current

982

After

Schedule D – If reduction affects capital loss carryovers

Often used with

Form 1040 – Main individual income tax return

⚠ If something goes wrong

  • Form 1040‑X – To amend a return with corrected Form 982

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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