I'm trying to work through From 8990 and hoping to get some guidance from you. I'm a W-2 worker and a limited partner in a partnership that generated this K-1.
In Section I, for the line 1 Current year business interest expense, is this the amount on my K1, 20N Business Interest Expense or the sum of 20N and 13K Excess Business Interest Expense?
In Section II, for the line 6 Tentative taxable income, Is this the amount on my K1, the line 1 of Ordinary Business Income (loss) or on my 1040, the line 11?
Any help is greatly appreciated. Thanks!
Do I have any "Business Interest Expense" and "Business Interest Income" in Section I and III on Form 8990? How should I come up with "Adjusted taxable income", from my 1040? And may I assume there is 0 "Allowable Business Interest Expense" on line 30 and my K-1 amount should somehow end up in line 31, "Disallowed business interest expense" for "Carryforward"? I sincerely apologize for so many questions, as a new investor in limited partnership, there is quite a bit learning for me to do, so any help and/or insight you can offer would be greatly appreciated. Thx!
However, I'm not sure
EBIE is excess business interest expense.
note if 13K is zero you do not file form 8990. leave the line blank
line 13 Code K. Excess business interest expense. If the partnership reports excess business interest expense to the partner, the partner is required to file Form 8990. See the Instructions for Form 8990 for additional information.
Turbotax, as you know, does not do form 8990.
EBIE has nothing to do with whether you take the standard deduction or itemize. so yes you are supposed to file 8990 which would also require filing by mail since there is no way to attach a manually prepare form to the e-file
