1) Do I need to tell TurboTax my 2024 Schedule K-1 is my Final K-1? If yes, how and where to input?
on the page describe the partnership check the box that the partnership ended, you will then be asked further questions
2) TurboTax asked me to print a copy of Form 8990, because there was a value in Box 13 for Code K in the amount of $54. It said the program currently does not support Form 8990 - Limitation on Business Interest Expense Under Section 163(j) and I may need to print and complete a copy of Form 8990 and attach it my return. My questions are: (a) Do I really need to complete Form 8990?
you can forgo the $54 deduction and Turbotax issues by leaving the line blank.
(b) If I need to complete Form 8990, how do I submit Form 8990 when doing
e-filing? you can't the 8990 and the rest of your return would have to be mailed
(c) Where can I get help to complete Form 8990 because it is new to me and in
the past usually TurboTax will ask questions and generate form for me and I
don't need to figure out what form to be complete and how to
you can post back in this thread if you have specific questions about what goes on certain lines. Since we can't see your return we may not be able to answer for a specific line. You also should read the instructions for the form
https://www.irs.gov/site-index-search?search=8990&field_pup_historical_1=1&field_pup_historical=1
code section 163(j) (4)(B)(iii)(ll) says what you can't deduct gets added back to your tax basis in the year of disposition. However, determining what you cannot deduct requires completion of the 8990.
see this which may be included in your tax package
https://s204.q4cdn.com/155295784/files/doc_downloads/2025/03/2024-Cedar-Fair-L-P-Tax-Instruction-Boo...
Yes
No
