I am entering K-1 data from one of the LP's. And against Line 20, Code AE (Excess Taxable Income), the Turbo Tax form says
*Not provided for in program. Manually enter on appropriate tax form.
Any idea what to do with this entry?
2020 K-1 (1065) Instructions page 24 states:
See Instructions for Form 8990.
IRS Form 8990 Limitation on Business Interest Expense under Section 163(j).
IRS Form 8990 Instructions states:
Use Form 8990 to figure the amount of business interest expense you can deduct and the amount to carry forward to the next year.