Form 8990 - Forced to file by Mail? i.e. No e-file for me?

[FrogMack]

So, I have $4 show up in box 13 on a K-1, which forces me to leave TurboTax, fill out an IRS Form 8990, then print 95 page return, insert my 8990 and then file by mail, since TurboTax can't figure out how to incorporate Form 8990 into the program?  Just wanting to make sure I am not missing something.

[DavidD66]

You are not missing anything.  TurboTax is not the only tax preparation software that doesn't support e-filing when the return includes Form 8990, so I'm guessing it's an IRS issue and not a TurboTax issue.  If it were me, I would consider omitting the $4 entry and e-file the return.  If the IRS sends a letter (they won't) the missing information can be added and Form 8990 mailed to them.  I realize it is not the correct way to handle it, and I'm not recommending it.  I'm just saying I would consider it.

[jjmwam]

Truly stupid. For years TT has been getting feedback to include 8990. Despite having a Premier version, they still don't have it. Incredible.

[needhs]

I'm doing my taxes right now on TT desktop, and got the same message.  This is ridiculous.  This is why I spent $100 on this particular version, because of the K-1 Partnership from Stocks.  So, if TT can't do it, then shouldn't we get some type of refund for not being able to use the paid program to it's full potential?

AND, I have to try to figure out the 8990 form myself? 

[FrogMack]

As far as I’m concerned, TT is very weak on all aspects of K-1, and associated K-3 schedules In particular, then there’s the 8990 issue as well.  

[Ciao4]

We all deserve our money back from TT.

I agree with FrogMack. 

[RMJ772hcl]

I am having the same issue since TT does not provide form 8990. 

[Mike9241]

First I would manually prepare the 8990  to see if you get any additional deduction.  If not, e-file without it and then file an amended return with it by mail.  If yes, you have to decide among the following - all require filing an amended return by mail:

1) take the deduction and include the manual 8990 

2) don't take the deduction and e-file without the 8990, then amend including the 8990.

3) take the deduction and e-file without the 8990. then amend to include the 8990. This could delay any refund you are due

maybe Turbotax will do something for 2025.

[Ciao4]

RMJ772hcl

You can download Form 8990 from the IRS website.

To Fill out Form 8990 you fill out Section A first.  See this video.

https://www.youtube.com/watch?v=wCIfsWaaHEo

Is your Box 16 checked on the K-1 ( includes K-3 which won't be out until June)?

Search the community, there is something about Box 16 if you check it you may get an error if you e-file, and no error if you mail your return.

I normally mail my return.

I got so frustrated I found an accountant to do the return.

If the accountant does it incorrectly, he can deal with it.

So, I can't help you but I just wanted to warn you about Box 16 on the K-1 and TurboTax.

Good luck.

[FrogMack]

Out of 8 K-1's, all of mine have Box 16 checked, but NONE of them have ever sent a K-3, and only one has some foreign taxes paid.

In TurboTax, it asks if Box 16 is checked, but then when you're asked later whether you actually received a K-3, it states that if you don't have foreign income or tax associated with the K-1, you can "uncheck" it, or say "No, Box 16 is not checked" (even though it is). 

[Ciao4]

FrogMack,

Yes, I remember that when I went through the TT interview (I have TT Premier).

Thanks for clarifying that for the community.

Thanks for sharing:

Out of 8 K-1's, all of mine have Box 16 checked, but NONE of them have ever sent a K-3, and only one has some foreign taxes paid.

I suspect that may happen to me.

Thanks for your help.

[FishyTaxes]

Joining the bandwagon here about TTax lack of support for K1 situations and bailing out on the 8990 for Line 13 code K and line 16 relating to K3's.

I have a minuscule amount of line 13 code K being reported (Excess Business Interest Expense) and I have no intention of using it as a deduction.   This is my first year of TTax after getting tired of paying to have the return done.  I looked back at what the tax accountant did and found they filled out the schedule A of the 8990 to record the values but ultimately put zero's in the 8990 Section one and the rest of the form where totals are recorded.   So I guess I could send this 8990 separately by mail to the IRS but how would they know to marry it to my e-filed return?   I think I'll just wait to see if they request it.   

TTax did not block me from e-filing and made no mention of the 8990 needing to be sent in so will the TTax Audit defense cover this omission and help me sort it out with the IRS should they come inquiring?

I saw on an older post that maybe don't bother filing the 8990 at all given it's not going to be used in the end to reduce any taxes. I think I'll just hold it until the IRS requests it for now unless anyone else has an alternative solution.