Form 8986 for 2024 Tax Year

Forum|Forum|1 month ago
July 26, 2026
4 replies
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I received a new form 8986 for my 2024 return for an amendment. After setting up the amendment form and under deductions and credits, it says to go to other credits, say yes and then turbo tax asks to add the amounts for 41 and 46. My item is 15. What would you suggest that I do?

Mike9241

Level 15

is it line 15 of form 8986. There is no line 15 on form 8987 schedule A.

Partners (except pass-through entity partners) who receive Form 8986 from their partnership should use Form 8978 and its Schedule A to figure additional tax due or overpayment. See the Instructions for Form 8978.

FORM 8987 SCHEDULE a INSTRUCTIONS

Mike9241

cornyb4Author

Level 3

Ty for the information. I was given a form from an Ethanol plant with pass through entity, with a Form 8986 with line 15 with amounts on (a) through (h). Where do those amounts get entered into Turbo Tax? As I look at Form 8987, that looks like I’m entering information from my return, that didn’t change. I was also given an amendment MN KPI. Thanks

Mike9241

Level 15

what exactly is the description on line 15 of part V of form 8986. the description determines where on form 8978 to enter the amount. For now i’m assuming line 15 refers to line 15 of the original k-1.

the IRS instructions are extremely poor in this matter. so i’m guessing a little.

8978 schedule a -

Line 5—Credits.

Enter all the adjustments individually from Form 8986, Part V, that affect tax credits. Also include related amounts and adjustments not on Form 8986 that result from changes to partner-level tax attributes as a result of adjustments from Form 8986.

8978 part 1

it would seem that you then complete part 1 lines line 9, through 14

the instructions do not clarify where to enter this amount in your 1040, but if I had to guess I would revise line 15 on the k-1. It just may be that TurboTax is not designed to handle this. certainly it does not handle for 8978

don’t know about MN KP!

it might be adviisable to use a pro for the amendments.

Mike9241

cornyb4Author

Level 3

Thank you for the helpful suggestions. The description on line 15 is Research Credit. I think you mean 9b on form 8978 and 5a on Schedule A. It seems like form 8978 is just restating the federal return and then adding the credit increase in section 5 in Sch A of form 8978. That is a good idea of adjusting line 15 K-1, so that turbo tax can take it and provide a credit pass through on the return and recalculate taxes due/credits. I meant MN KPI and I figured that out. So, Turbo tax does not have form 8978 or the schedule A (form 8978). It does not have form 8986. Thank you!!!