Joining the bandwagon here about TTax lack of support for K1 situations and bailing out on the 8990 for Line 13 code K and line 16 relating to K3's.
I have a minuscule amount of line 13 code K being reported (Excess Business Interest Expense) and I have no intention of using it as a deduction. This is my first year of TTax after getting tired of paying to have the return done. I looked back at what the tax accountant did and found they filled out the schedule A of the 8990 to record the values but ultimately put zero's in the 8990 Section one and the rest of the form where totals are recorded. So I guess I could send this 8990 separately by mail to the IRS but how would they know to marry it to my e-filed return? I think I'll just wait to see if they request it.
TTax did not block me from e-filing and made no mention of the 8990 needing to be sent in so will the TTax Audit defense cover this omission and help me sort it out with the IRS should they come inquiring?
I saw on an older post that maybe don't bother filing the 8990 at all given it's not going to be used in the end to reduce any taxes. I think I'll just hold it until the IRS requests it for now unless anyone else has an alternative solution.
