Go to www.irs.gov/Form8978 for instructions and the latest information. 1a Total income per original return or as previously adjusted . . . . . . . . . . . . . b Adjustments to income from Schedule A (Form 8978), line 2, columns (a) through (d) . . . . 2 Combine lines 1a and 1b and enter the corrected income. See instructions . . . . . . . .

Jan 23, 2025 · Information about Form 8978 including recent updates, related forms, and instructions on how to file.

Partners (other than pass-through partners such as partnerships or S corporations) use Form 8978 and Schedule A (Form 8978) to report adjustments shown on Forms 8986 received from partnerships that have elected to push out adjustments …

Dec 4, 2024 · Any partner who receives IRS Form 8986 must file Form 8978 to reflect the proper tax liabilities from the partnership election, and to pay any additional tax due. Generally speaking, partners use Form 8978 and Schedule A (Form 8978) to report adjustments shown on Forms 8986 received from partnerships that have elected to push out adjustments to ...

Jan 19, 2023 · This document offers guidance on completing Form 8978, used by partners to report adjustments shown on Forms 8986 received from partnerships. It covers the form's purpose, filing requirements, and a step-by-step guide on filling it out, including Schedule A.

TurboTax doesn't currently support Form 8978 (Adjustment to Partnership Income) directly within the software. However, you can still complete and file this form manually. Here's what you can do: Download Form 8978 from the IRS website. Fill out the …

Jun 28, 2022 · Non-pass-through partners should use Form 8978 to calculate and report their tax impact of adjustments pushed out to them. If the calculation results in an additional credit, this can apply toward the current reporting year and the partner’s estimated tax payments can be adjusted to reflect this credit.

Partners (other than pass-through partners such as partnerships or S corporations) use Form 8978 and Schedule A (Form 8978) to report adjustments shown on Forms 8986 received from partnerships that have elected to push out adjustments …

This article provides line-by-line instructions for completing IRS Form 8978, Partner’s Additional Reporting Year Tax. This form is used to calculate the tax adjustments for a partner’s share of partnership items from a prior year, often due to an audit adjustment, administrative adjustment request (AAR), or other changes.

Understand the nuances of Form 8978 for partnership adjustments, including when it applies and how to accurately complete and file it. Form 8978 is a critical tool for managing partnership tax adjustments, ensuring partners accurately report and pay …