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8978. (Rev. January 2023) Department of the Treasury Internal Revenue Service. Partner’s Additional Reporting Year Tax. Go to www.irs.gov/Form8978 for instructions and the latest information. Attachment Sequence No. 57. Name of partner(s) Partner tax ID number.
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) who receive Form 8986 use Form 8978 to re-figure their tax liabilities for the affected years as well as any intervening years, up to the adjustment year, based ...
Purpose of This Form. 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 to partnership-related items to their partners.
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.
A Form 8978, “Partner’s Additional Reporting Year Tax,” is used to report this amount. Pass-through partners. A pass-through partner must decide whether to pay the imputed underpayment resulting from taking into account the adjustments or push out the adjustments to its partners for the year to which the adjustments relate.
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.
The first Form 8978 should include the total of all additional tax, penalties, and interest for all Forms 8978. For example, if a taxpayer has 7 applicable tax years, years 1–4 should be shown on the first Form 8978 and years 5–7 should be shown on the second Form 8978.
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.
IRS Form 8978, Partner’s Additional Reporting Year Tax, is used by non-pass-through partners to reflect partnership adjustments documented by their BBA partnership on IRS Form 8986.
Any idea where the information from Form 8978 goes on the tax return?