corrections to 'Live Community' answers?
How do corrections to live community answers get done? The 1099-C answer is form 1040 Line 21 for Cancel Debt. See IRS i1040 page 24 on bottom next to binding in 2007 issue.
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2 Replies
12/08/08 11:28am PST
I am not familiar with how corrections are made to the Live Community answers.
However, you are correct. Form 1099-C as well as Form 982 are generally reported on line 21 of the Form 1040. In the 2007 and 2008 ProSeries programs, 1099-C input is located on line 15a of the Other Income Statement (this statement flows to line 21 of Form 1040). The 2007 ProSeries program does not contain the Form 982, however, the 2008 program does. In the 2008 program, any input on Form 982 does not flow to any other form or schedule because we do not want to "assume" how the taxpayer is reducing their tax attributes.
With that said, I looked at several Live Community articles referencing the Form 1099-C and Form 982. All of them appeared to be correct in directing preparers to line 21 of Form 1040.
ArchieLeach
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12/11/08 9:16am PST
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I don't know of any way to make the correction directly. My suggestion would be for you to ask the same question again, include the correct answer along with your question, call for comments, and include the words "Correction to..." in your Caption line
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
