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March 10, 2021
Question

I received a form 8986 where does this get entered into my tax returns?

  • March 10, 2021
  • 1 reply
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I received tax form 8986. Where does this get entered into my taxes?

1 reply

JohnB5677
March 11, 2021

Unfortunately,  TurboTax does not support IRS Form 8986, 

Partner’s Share of Adjustment(s) to Partnership-Related Item(s)
(Required Under Sections 6226 and 6227)

 

You may have to file Form 8978 with your 2020 return. Form 8978 will allow you to amend 2020 taxes without having to file a 1040-X.

 

I also found out that the IRS does not accept e-filed returns with Form 8978, so you will be forced to mail it in. 

 

Form 8978 is used by the partners to re-figure their tax liabilities for the affected years as well as any intervening years, up to the adjustment year, based on the imputed underpayment amounts pushed out to them by the partnership under section 6226

 

TurboTax does not support form 8978 either.

 

 

 

 

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