topic I received form 8986 and I don’t know what to do with it in Retirement tax questions

I received form 8986 and I don’t know what to do with it

majorthor3 — Sat, 27 Feb 2021 00:38:15 GMT

I received form 8986 and I don’t know what to do with it.

Re: I received form 8986 and I don’t know what to do with it

SweetieJean — Sat, 27 Feb 2021 00:59:39 GMT

See if this helps:

Solved: Can TurboTax handle Form 8986? (intuit.com)

Re: I received form 8986 and I don’t know what to do with it

majorthor3 — Sat, 27 Feb 2021 01:27:18 GMT

Hi, were you able to input your data from form 8986? Thanks Rick

Re: I received form 8986 and I don’t know what to do with it

LinaJ2020 — Sat, 27 Feb 2021 02:01:37 GMT

TurboTax does not support this form, unfortunately. Form 8986 was created for partnerships to show each partner’s share of adjustments to partnership-related items as a result of a BBA audit or BBA administrative adjustment request (AAR)

For information, click here: https://www.irs.gov/pub/irs-pdf/i8986.pdf

Re: I received form 8986 and I don’t know what to do with it

leekuhawelter — Mon, 19 Sep 2022 21:33:19 GMT

This is a real BEAR!

Basically, the Partnership sends Form 8986 to the individual, and the individual needs to "proforma amend" the year affected and report the increase or decrease in tax liability on Form 8978.

One must also attach statements to account for the changes - why not the full hundreds of pages of amended? Serves them right.

If there is no change in federal taxable income but changes in carryovers to the next year, one must then "proforma amend" that year to see if there are changes in tax liability.

If not, one might need to keep carrying it forward. Also, one must compute interest if there is a tax liability.

"Proforma amend" means that one is not really amending the tax return, so what happens to the state?

Re: I received form 8986 and I don’t know what to do with it

Anonymous — Sun, 26 Feb 2023 17:31:42 GMT

Form 8986 is not on the list of forms that Turbotax does not support...why?