I have $61 in excess business interest expense on my k-1 section 13(k). Where do I put the $61 dollars on form 8990. Im a limited partner, no excess TI, and no EBIT

[DavidS127]

Form 8990 is not supported by TurboTax for Form 1040 tax returns.  If you want to track your excess business interest, you will need to manually prepare that form, and include it with the return that you print and mail.

Click here for IRS form and instructions for Form 8990.

The instructions in TurboTax for a Form 1065 Schedule K-1 box 13 code K is:

"This income, deduction, credit, or other item occurs infrequently and is not supported by the program. You must enter this income, deduction, credit, or other item directly on the applicable form or schedule based on the information that was supplied with the Schedule K-1."

[rich895]

@appelzol-usc-edu Did you find out how to do Form 8990. If so can you pls help this question (last post). I am not able to find any answers around those. Thanks

https://ttlc.intuit.com/community/business-taxes/discussion/re-how-to-enter-information-on-form-8990...

[phraxos]

I don't understand why TurboTax doesn't support Form 8990 for individual filers. It does seem necessary to file it when a K-1 includes amounts on line 13K.

Note that TaxAct does provide the ability to attach a PDF of Form 8990 to an E-filed return:

https://www.taxact.com/support/[removed]/form-8990-not-supported

For some reason, TurboTax can't even do that. Very disappointing!

[phraxos]

Form 8990 is required for individual taxpayers who receive a K-1 showing Excess Business Interest Expense in Box 13K. However TurboTax still does not support Form 8990 for individual taxpayer products in tax year 2021.

I understand one could fill out a paper form and include it when printing and mailing a return, but this eliminates the benefits of having the form automatically completed and electronic filing.

I hope TurboTax will add support for Form 8990. I will note that TaxAct (a competitor of TurboTax) does support Form 8990 in all editions. (See https://www.taxact.com/individual-taxes/download/self-employed )