@Smarc Can Mark or anyone pls answer this, I am unable to find this info anywhere? I am in same situation. Individual 1040 filer, with a K1 in PTP MLP, that has 13K - excess business interest expense. TT is not generating 8990, so have to manually fill them. I am certain about Schedule A (line 43 & 44), listing the K1 with 13K and two other K1 that has 20 AE (Excess Taxable Income). Should Part 1,II, III be filled for individual K1 (that has 13K in the past). So that 13K offsets only the income FROM THAT partnership, as opposed to any partnership. So they will all be 0 for this year, but at later year we do for each K1 (meaning separate 8990 for each K1) that had 13K in the past and now with 20AE/20AF in that year.
Understand that Part1 item 14 - asks abt overall 20AE/AF (from Section A, line 44, column f) - but I believe it should be filled only on the year when the K1 (that had 13K) has 20AE/20AF. So this year this will all be 0. Am I correct?
If thats the case - Line 31 carryforward - would also be 0 (instead of whats in 13K) - Again, I believe 0 is correct, as the real carry fwd for a particular K1 is from Schedule A - line 43- column d. Line 31 is only for partial carry fwd when the specific K1 (that has 13K) has 20AE/AF and partially take away the prior 13K amount (remaining gets carried fwd). Can someone confirm this.
It's not easy to decipher others' tax situation. Appreciate anyone taking time to answer this, esp when the software is not supporting 8990 filing & COVID doesn't help stopping by a tax preparation center to ask some question face to face (to my surprise, not many know how to handle K1s)
Thanks
Richard
"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!"
