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!
