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Any idea where the information from Form 8978 goes on the tax return?
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IF ITS A REDUCTION OF TAX, IT GOES ON SCHEDULE 3, LINE 6C, BUT I DON'T KNOW HOW TO GET IT THERE......
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Has anyone figured out how to input this yet?
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While in the input or detail screen use Ctrl + F to start a search. Find an input field - Search for 8978 > Click on the "Partner's audit ...." and VOILA! There it is!
Here's wishing you many Happy Returns
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yea! - this has stumped us - we have 4 to complete - needed this answer -so a negative will be a positive on the 1040 correct
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First you manually prepare Form 8978, Lacerte doesn't do that. Looks like when the adjustment favors the taxpayer inputting a negative number in Screen 45.3 causes it to carry to Schedule 3 Line 6. If you owe additional tax, enter a positive number. Lacerte adds this to the total tax and increases Form 1040 Line 16. Either way you get a diagnostic saying it can't be efiled, even after attaching the Form 8978.
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Partner's audit liability under section 6226 (Form 8978)
Other Taxes Screen 45; Code 117
Enter the amount of partner’s audit liability under section 6226, from Form 8978, line 14. A positive amount will carry to Form 1040, as an other tax. A negative amount will carry to Schedule 3, as an other credit.
Here's wishing you many Happy Returns
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Entering a negative number gives diagnostic 53383, a positive gives 53567 - both give the same result. You must paper file.
One more reason to get the partnership to accept the audit results at the partnership level.
Here's wishing you many Happy Returns