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11374: 982 - Frequently Asked Questions


1040 Individual Data Entry

982 - Frequently Asked Questions
 

How do I check a particular box on line 1 for form 982 in view mode?

Open the 982 screen in data entry and for Part I – General Information, Amount excluded is due to, select


• Title 11 Case  for  BOX A
• Insolvency  for  BOX B
• Farm Indebtedness  for  BOX C
• Real Property Indebtedness  for  BOX D
• Principal Residence Indebtedness  for  BOX E

 

What is a Title 11 Case? From Instructions for Form 982:

A title 11 case is a case under title 11 of the United States Code (relating to bankruptcy), but only if you are under the jurisdiction of the court in the case and the discharge of indebtedness is granted by the court or is under a plan approved by the court.

For more information, see the instructions.

How many 982 forms can I e-file or print?

The software is set up to e-file or print only one Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness.

How do I clear messages 5014 or 5675?

EF message 5014 refers to an entry on screen 982, line 5, Elect under sec. 108(b)(5) to reduce basis of depr property, which requires an explanatory statement. To clear message 5014, click the SCH link that is available on that line (or open the SCH screen from the Miscellaneous tab), select 387 - 982 LN 5, REDUCE BASIS from the Type of attachment/statement number and title drop list and complete the explanation. (This information is also available on the Help screen for line 5 -- click in the line 5 field and press F1 to display the Help screen.)

5014 states -

If Form 982, Line 5 'ExcludedUnderSection108b5Amt' has a non zero
value, then the [ElectionToReduceBasisOfDeprecPropUnderIRC1017Statement]
must be attached.

MISSING EXPLANATION: Line 5 of Form 982 contains an amount but no statement was created.

To attach the statement:

1.    Open the SCH screen (from the link on screen 982 of from the link on the "Miscellaneous" tab of the Data Entry Menu).
2.    On the SCH screen, select statement "387" from the "Type of attachment" drop list.
3.    Type an explanation in the text box.

Message 5675 refers to the election option box "Making Section 108(i) election" at the bottom of screen 982, which requires an explanatory statement. The explanation must meet certain requirements which are described on the Help screen for the option (select the option and press F1 to display the Help screen). Open the SCH screen from the Miscellaneous tab, select E1 – Section 108(i) Election from the Type of attachment/statement number and title drop list and complete the explanation. 

5675 states-

EXPLANATION SCHEDULE IS MISSING: When making the Section 108(i)
election, an election explanation record is required. Create the
election explanation record on the SCH screen.

For advice on what information the election explanation record must
contain, refer to the field level help for the Section 108(i) election
check box at the bottom of screen 982.

For additional information about these elections, including the availability of the Section 108(i) election, see the Instructions for Form 982.


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