That form was just approved by the IRS (came out of draft status) last month.
It should be available in early February.
I added a separate answer, but in short, you need to get the form from irs.gov/forms. Fill it out, and attach to your 1040 return, which you’ll have to file by mail. The form and instructions were late this year, so hopefully TurboTax will support it next year.
That form was just approved by the IRS (came out of draft status) last month.
It should be available in early February.
Form 8990 is still not available. Any update on when it will be available?
Form 8990 is available in Turbotax Business. It is not listed as Form 8990; Search for it as Limitation on Business Interest Expense.
I do not have Turbo Tax Business! I have Turbo Tax Deluxe. It is not in that software.
Form 8990 is not supported in TurboTax software supporting Form 1040 returns; it is supported in TurboTax Business, supporting Form 1041 returns.
Yes,that was my my point exactly! It is not supported in 1040 but it should! Also if you use TurboTax Deluxe all you can do is b**ch on forums, you can't talk to them. Arggh.
Not to make light of this or anything but there should, in my opinion, be some acknowledgement of the fact that other consumer-level income tax preparation products do not support Form 8990 either.
TaxAct doesn't support it, nor does H&R Block or TaxSlayer.
For Form 1040 filings you get the form from irs.gov/forms. You’ll have to file by mail.
" Form 8990...... is supported in TurboTax Business, supporting Form 1041 returns."
You are correct and the form is simply mislabeled in the 1041 module (see screenshot - you have to click "Limitation on Business Interest Expense" in the list of forms).
It is labeled correctly in the 1065 and 1120-S modules, however.
"Form 8990 is still not available. Any update on when it will be available?"
The form will most likely not be available, the probably reason being the language in the instructions (see screenshot).
Why would the language in the form keep if from being included? Is the solution for me to have an accountant prepare my taxes this year?
Totally agree. There are circumstances where individuals have to file the form. Turbotax needs not to make excuses.
Totally agree. The information leading to this Form is being reported on K-1's and TT can't assume that it doesn't apply to the taxpayer. And it's the end of March!
it's now april 1st. i have 2 partnership k-1's that report excess business interest not deductible at the partnership level (line 13, item k). the k-1 instructions say i am "required" to file form 8990. TT is bull*****ing us. i'm very disappointed in this software.
You need to get the from from irs.gov/forms. The form is then completed and attached to your 1040 return, and you’ll then have to file your 1040 return by mail. The form and instructions were done late, hopefully TurboTax will support it in next years version.
For this year you are using the form to carry forward your K-1 Line 13 Code K excess business interest expense for deduction in a future year when excess taxable income (Line 20 Code AE) or excess business interest income (Line 20 Code AF) from the then current year FROM THE SAME entity can be used to offset and deduct it. Your tax basis is decreased by that amount this year, but you only get that deduction in a future year. So don’t ignore it or you’ll lose that deduction, or have to file an amended return.
Form 8990 is officially not supported in TurboTax personal income tax products.
See https://digitalasset.intuit.com/DOCUMENT/A5FP7N8Ic/2018-unsupported-calcs-L1FQfTTgn-1.pdf
Thanks for response, albeit after a long time, but hugely disappointing.I would not recommend a product that does not allow a user to e-file.
The form and instructions were late this year, so hopefully TurboTax will support it next year. This year you’ll have to get it from irs.gov/forms and file by mail.
Can't get to file as this is a proper entry statement
That amount needs to be entered into your TurboTax K-1 and should carry over into your Form 8995 or 8995A (depending on your filing particulars).
my guess is you’ve entered it into t K-1 but TurboTax is looking for an answer from you on one of those two forms.
steve