@Smarc- I've been searching all over the internet on the topic and your answer above is the best to explain what Box 13 Code K on schedule K-1 means and what to do with it. I'm trying to work through From 8990 and hoping to get some further guidance from you. The only thing looks certain to me is to take the amount to Form 8990, line 43, column (c), but how to complete Part I as an individual taxpayer remains unclear to me. I'm a W-2 worker and a limited partner in a partnership that generated this K-1. Do I have any "Business Interest Expense" and "Business Interest Income" in Section I and III on Form 8990? How should I come up with "Adjusted taxable income", from my 1040? And may I assume there is 0 "Allowable Business Interest Expense" on line 30 and my K-1 amount should somehow end up in line 31, "Disallowed business interest expense" for "Carryforward"? I sincerely apologize for so many questions, as a new investor in limited partnership, there is quite a bit learning for me to do, so any help and/or insight you can offer would be greatly appreciated. Thx!
