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Hello @Mike9241 Thank you for answering my other question. Would appreciate your input here?   I have almost filled up form 8990 and I just need few clarification on some line numbers on 8990 as from which line items of K1 are they?   Q: Box 6 of Form 8990 (Tentative taxable income) is Line 1 - Line 4c of K1 of entity which has produced this  Excess Business Interest Expense?   Q: Section 3- Business Interest Income -Box 23.  Which Line number of K1 goes here? Line 5 of K1 entity which has produced this 13K expense?       I had sold ET last year so this is Final K1.   I have completed Sch A. and it is lets say showing 43 (i) Current Year excess business interest expense carry forward as lets say $1000   but when complete Section 4, Line 30 (business interest expense deduction allowed) Vs Line 31 Disallowed business interest expense /carry forward. It splits this $1000 lets say as Line 30 = 100 and Line 31  =900   Q: Since I sold ET  last year which number ($1000 or Line 31 number) I will be using to adjust Column 5 (cumulative adjustments to basis) in Sales schedule?   Does this Excess business interest expense deduction increase or decrease column 5 number? Lets say my current adj. to basis number is (-11000) and I have this 1000 excess business interest expense deduction. so Now my adjustment to basis will be -11000 + 1000 = -10000?

My 2024 return includes eight 1099-R forms, the amounts from which I entered into TT manually:    Four are from traditional IRAs, from which annual RMD distributions have been made;    Two are from 403(b) tax-deferred retirement account distributions;   Two are from employee pension payments earned at different companies.    I discovered in the Forms Mode TT populated Form 5329 as part of my 2024 individual taxpayer return.  Form 5329 includes a Table in Part IX.  The Table is populated with sums calculated from the values from six of the eight 1099-Rs; the amounts from the two pensions are not included.  The Table has a section for “Other Qual. Plans,” and both of the pensions are qualified, which suggests amounts from these pensions should be entered in that section.   I haven’t figured out the function of the Table in TT, so wonder if the omission of the two pensions is an error (which then is propagated to the return to be submitted to the IRS).  Can anyone tell if the amounts I received from these pensions should be included in the Table?   If they shouldn’t be included, I wonder how TT detected that these 1099-Rs were from pensions rather than IRAs or 403(b)s.  Does anyone know that?

Hello @Mike9241 and others   I have few questions regarding K3 if you don't mind helping me here.   Very first part of Interview is asking foreign source in Line 24. Lets assume my K3 looks like this (example)     Q:   I am assuming I will enter either zero or nothing in first part of K3 interview screen where It is asking me enter column B,C, D, E, F and  G of Line 24 as there is no foreign source income?   Now deductions part looks like this     In next interview it is showing Interest Expense total as 1500 but question is it us source or foreign? Software automatically add it into US source.     Thanks a lot for your help.