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Go to www.irs.gov/Form8978 for the latest information. Total adjustments to income (add lines 1a through 1g in each column (a) through (d)) . . . . . . . . Total adjustments to deductions (add lines 3a through 3g in each column (a) through (d)) . . . . . . .
Schedule A adjustments related to an AAR filing are carried to a Form 8978 with the “AAR Filing” box checked. Schedule A adjustments related to a BBA audit are carried to a Form 8978 with the “BBA Audit” box checked.
Form 8978: Partners (except passthrough partners) that receive a Form 8986 passthrough statement report any increase or decrease in Chapter 1 tax using Form 8978, Partner's Additional Reporting Year Tax, and the corresponding Schedule A.
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 a Form 8986 received from a partnership that has elected to push out an imputed underpayment to its partners.
Partnerships making a push-out election under Code Sec. 6226(a)(1) will use Form 8978 to provide the statement of audit adjustments required by Code Sec. 6226(a) to the persons who were its partners during the reviewed year and to the IRS. The IRS has also released a draft of Schedule A (Form 8978).
Schedule A to Form 8978 is used: (1) to list all the adjustments a partner receives on Form 8986; and (2) to report any related amounts and adjustments not reported on Form 8986 which may result from changes to partner-level tax attributes as a result of the adjustments from Form 8986.
The Schedule A (Form 8978) lists all the adjustments a partner receives on Form 8986. Schedule A is also used to report any related amounts and adjustments not reported on Form 8986 which may result from changes to partner-level tax attributes because of adjustments made on Form 8986.
attach a completed Form 8978 to their individual income tax returns which are due April 15, 2024 (without regard to extensions). Completing Form 8978 and Schedule A. What to report on Form 8978 and Schedule A (Form 8978). The specific adjustments listed on Form 8986 received by a reviewed year or affected partner, and other adjustments from
Here are the step-by-step instructions for filling out Form 8978: Begin by identifying the partner's name and taxpayer identification number at the top of the form. On line 1, enter the total adjustments for income, deductions, and credits from Schedule A, Part I, line 5.
Information about Form 8978 including recent updates, related forms, and instructions on how to file.