Solved: If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?
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lacie1006
New Member

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

I had a 1099-.C that i had no idea about and they wanted about $2K. with the amendment and 982 form i only have to pay about $120 but don't know if that will affect my 2018 if i file now while that's all in the process...

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WillK
Level 9

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

No, you do not have to. But know, if you are due a refund for 2018, the IRS may take the amount in order to clear the past debt owed. Most people do not wait and will file even when past tax returns are being reviewed and worked on. Once the situation is resolved, the IRS will let you know what the balance due is, if there is one remaining, and if not, and you are due a refund they will process that for you. 

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WillK
Level 9

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

No, you do not have to. But know, if you are due a refund for 2018, the IRS may take the amount in order to clear the past debt owed. Most people do not wait and will file even when past tax returns are being reviewed and worked on. Once the situation is resolved, the IRS will let you know what the balance due is, if there is one remaining, and if not, and you are due a refund they will process that for you. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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lacie1006
New Member

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

So if i owe $120 for federal after the amendment with form 982, that is the amount they may take from my 2018? Or do you mean they may take the $2k originally owed even though i amended with form 982?
lacie1006
New Member

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

My amendment for 2016 was just put on the website if that helps...
WillK
Level 9

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

It depends on when the IRS has processed your amended return and if they have approved it. You can always print and mail your 2018 returns in so hopefully by the time the IRS receives them they have sorted your 2016 out.
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lacie1006
New Member

If i filed a 2016 amended return, form 982 (insolvency) and still owe a small amount, should i wait until that's all cleared up before i file 2018 ?

Thank you!
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