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Get your taxes done using TurboTax
This will have no impact on your return. Box 20 ZZ8 reports an amount of business interest expense you may be able to take but since this is reported in a k-1, the only place you may enter it is on a Schedule A. This type of business interest is no longer deductible on a federal return but may be deductible on state return.
If you wish to claim it, you need to fill out form 8990 that Turbo Tax doesn't support to figure out how much can be claimed after a Section 163(j) limitation is applied. The return would need to be paper filed both to the federal government and the state. If the amount is really small, you may wish to disregard this as it won't have an impact on your return.
@lghochstattertaxes
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‎April 11, 2024
10:53 AM