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I reported my insolvency to the IRS on form 982 for tax year 2010. What form do I use to report insolvency to NY state?

Rochester, NY |

I have been unemployed in NY state for nearly 2 years. I settled all of my debt with my creditors before the end of 2010 and received 1099-G's. I reported my insolvency on my federal return by attaching form 982. I'm preparing my NY state tax return and I'm not sure what form to use. Please help.

Attorney Answers 2

  1. Many states do not have forms. You can attach a copy of the Federal form 982 to your state return and write on the top of it New York state copy. Check with a local CPA to see if this is how they are handling this issue in NY. We do not have a form in CA and are handling it this way.

    Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.

  2. This is correct. When you file the State return you are required to submit certian federal forms as well.

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