Form 8990

[Filenow]

I am trying to figure out what to enter on form 8990. I have a K-1 with line 13 K of 75 dollars. Everything I have been able to find does not explain how to fill this out. I had a K-1 from last year and did not fill this out. I am an individual taxpayer with a K-1 from an investment in a PTP.

Section 1, Line 1-Is this this years 13 K amount?

Line 2- Is this the amount from last year?

Line 3- Have no idea

What is Tentative taxable income? Is this from my 1040 or the income from the K-1?

I don't think I need any entries for Adjusted Taxable Income.

Don't have any Business interest income.

When I fill this out the way it has been explained, Line 31 is -0-, which doesn't make sense to me in that the way I understand it, this should be carried forward until I can deduct it. Any help would be greatly appreciated.

[Mike9241]

turbotax does not support form 8990. so the form will need to be done manually

use schedule A

the $75 would go on 8990 column  c

20AE would report excess taxable income which goes on form 8990 column f

20AF would report excess business income which goes on form 8990 column g

https://www.irs.gov/pub/irs-pdf/i8990.pdf 

read the instructions for the form 

[Filenow]

Hello, and thank you for the response. Does the amount from last year go in column d? And does anything go in column h or i? 

[AnonymousUser3]

I found this on Reddit

https://www.reddit.com/r/tax/comments/b21kvb/1_in_excess_business_interest_expense_is/

$1 in excess business interest expense is preventing me from e-filing?

I'm invested in crowdsourced real estate through Fundrise and was issued a K-1. Box 13 (Other deductions), code K, indicates an excess business interest expense of exactly $1. My tax software says that because I have excess business interest from a partnership, I am unable to e-file the return and must fill out Form 8990 (which I don't believe I have enough information to fill out as a passive investor). Is there any way I can avoid reporting that $1 so I can e-file?

Further information on the form: Box 1: -12 Box 2: -3 Box 13 Code K: 1 Box 13 Code W: 1 The other boxes 3-19 are blank.

Try removing the $1 and see if it will let you efile. If so, let the $1 go and efile! It’s not worth your time to try and solve that issue.

I'd love to do that, but are there any legal concerns? The IRS website seems to say that I HAVE to submit Form 8990 if I have an excess business interest expense.

No legal concerns over $1. No one is going to come after you about it. Take it off and get it filed. You’ll be fine.