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Screen 8886 - Reportable Disclosure Statements (1040)

Overview

Use this screen to enter information necessary to complete Form 8886, Reportable Transaction Disclosure Statement. Enter each reportable transaction on a separate
8886
 screen.

Form 8886 - Reportable Transaction Disclosure Statement

Use this section to enter information for Form 8886.
Enter the name, if any, by which the transaction is known or commonly referred to. If no name exists, enter a short identifying description of the transaction that distinguishes it from other reportable transactions.
Use this field to identify the spouse to whom the reportable transaction belongs. If this field is left blank, the application defaults to the taxpayer.
Enter
X
 to mark the Initial year filer box on Form 8886. An additional copy of Form 8886 prints, to be filed with the IRS Office of Tax Shelter Analysis (OTSA).
Enter
X
 to mark the Protective Disclosure box on Form 8886 and print "Protective Disclosure" at the top of the form.
Enter the four-digit year for the initial year of participation in the transaction.
If the transaction has been registered under section 6111, enter the reportable transaction or registration number that has been assigned. This number may be 9 characters, beginning with the letters "MA" followed by 7 digits, or 11 digits.
Enter
X
 for all categories that apply to the transaction being reported.
If the transaction is a listed transaction or transaction of interest, enter the identifying notice, revenue ruling, regulation, announcement, or other published guidance.
Enter the number of the same or substantially similar transactions reported on this form, if other than one. The application defaults to
1
.
If the transaction was invested in through another entity, use this statement to enter the entity name, type, date the Schedule K-1 was received, employer identification number (EIN), and an indication if the entity is foreign.
Enter the name, address, ID number, and fee amount for each individual or entity to whom a fee was paid if that person or entity promoted, solicited, recommended participation, or provided tax advice related to the transaction.
Identify the type of tax benefit generated by the transaction by entering
X
 in the fields. The corresponding boxes will be marked on Form 8886, Page 2.
Enter the description for any other type of tax benefit or consequence not listed in the other
Type of tax benefit or consequences
 fields. The Other box will be marked on Form 8886, Page 2, with the description in the field to the right of the box.
Use this statement to enter the description of the expected tax benefit or consequence for all affected years that caused the transaction to be reportable. Describe each step of the transaction including all information known.
Enter
X
 in this field if you don't want this reportable transaction to proforma to the following year.
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