Form 8986 Help

Forum|Forum|1 year ago
March 30, 2025
1 reply
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Hello: I received a Form 8986 because a partnership I invested in over-reported dividends to me in 2023. Form 8986 and Form 8978 is not supported by TT. What are my options? Should I amend the 2023 tax return. Can I simply lower the dividends reported on this years K-1 by the amount of the adjustment? Appreciate any suggestions.

Thank you!

TurboTax Home & Biz Windows

PatriciaV

Employee

Because the over-reported dividends relate to an audit of the partnership for a prior tax year, you will need to file Form 8978 to figure any additional taxes (or refund) due. You'll need to complete the form manually and mail separately to the IRS. Here's the IRS link for the form and instructions: About Form 8978.

There is no other way to handle this issue, sorry.

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