@Smarc @rich895 Thank you both for your contributions to this thread! I have been struggling with the Form 8990 for a while now and now it makes sense! A true lifesaver.
While I was reading Richard's post of July 13, 2020 at 7:47 AM, I was thinking that I could have written it because it describes my situation perfectly. Then he signed off with my NAME as well!
Steve has done a great job of explaining the form, the process of filling it out. Richard's example screenshots and Steve's critique are priceless.
I believe I found one small typo in Steve's July 13, 2020 5:00 PM reply: I think the reference to Line "20" for entering 30% of taxable income should instead be Line "26". Don't mean to nit pick, just want to clarify for myself and others reading the post.
I am also an engineer, not a tax professional and have also had to educate myself over the years, sometimes by reading the Tax Code. I did find it especially difficult to find good information on Form 8990, so I was elated to find this thread.
Thanks again,
Richard
