If you are able to deduct the business interest expense reported on Schedule K-1, the expense may reduce your taxable income.
According to IRS Instructions for Form 1065 Schedule K-1 Box 13 Code K. Excess business interest expense (EBIE): "If the partnership reports EBIE to the partner, the partner is required to file Form 8990. See the Instructions for Form 8990 for additional information."
Form 8990 is used to figure the amount of business interest expense you can deduct and the amount to carry forward to the next year. This form is not supported by TurboTax. You'll need to use this IRS link to download the form and complete it manually. To include it with return, you will need to print and mail your federal tax return.
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