As the answer above says, you’ll have to get the 8990 from the irs website and file by mail. Hopefully next year TurboTax will support it. It’s a new form this year.
There is definitely a reason for filing the 8990, especially if the code is 13k, excess business interest expense. Your basis is reduced by that amount, but you don’t get the deduction until a future year where the excess taxable income or excess taxable business interest income from that current year FROM THE SAME entity exceeds your excess business interest expense that has been carried forward. So ignore it, and you’ll be throwing money away.
If the amounts in the K-1 Line 20 are AE or AF, excess taxable income or excess taxable business interest income, and you have less than $25 million in AGI plus any carryovers, you could probably get away with not filing the form this year.
The partnership you got the K-1 had the deduction limited, but it is passed on to the partner to carry forward. The partnership doesn’t get to carry it forward. You are only limited on the deduction if you are subject to section 163(j) yourself. Otherwise you get the full deduction, in a later year.
