@Smarc - I have been searching all over the internet on this topic and your answer is the best I came across to explain schedule K-1, Box 13 Code K and what to do with it, thank you! I'm a W-2 worker and a limited partner of a partnership that produced such K-1 with Box 13 Code K amount, and I'm hoping to get some guidance from you on completing Form 8990 properly. The only thing looks certain to me is to take the amount to Form 8990, line 43, column (c), but how to finish Part I as an individual taxpayer remains unclear to me. Do I have anything to report in Section I (Business Interest Expense) and Section III (Business interest Income)? How should I go about Section II (Adjusted Taxable Income) based on my 1040? May I assume "zero" on line 30 and most of all, should the amount from K-1 somehow end up on line 31 for "Carryforward"? I apologize for so many questions, as a new investor in limited partnerships, there is quite a bit learning for me to do, so any help and/or insight you can offer would be greatly appreciated. Thx!
