1040-US: Difference between amount excluded from gross income on Screen 982 and the amount of credit tax attributes displayed on Form 982

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Question

Why is there a difference between the amount excluded from gross income in Screen 982 and the amount of credit tax attributes displayed on Form 982?

Answer

The amount of credit tax attributes automatically calculates when the amount of excluded income is entered in the Excluded Income column in Screen 982. Credit tax attributes are reported on Form 982 at 33 1/3 cents for every dollar excluded from debt income.

Related topic: Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) FAQs (1040)

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