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floriatax
Returning Member

Final Schedule K1

I got a Final Schedule K-1, because the stock of Cedar Fair/Six Flags Merger in July 2024. 

 

1)  Do I need to tell TurboTax my 2024 Schedule K-1 is my Final K-1?  If yes, how and where to input?

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?

                                                (b) If I need to complete Form 8990, how do I submit Form 8990 when doing

                                                      e-filing?

                                                (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 complete?

Please advise me.

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1 Reply

Final Schedule K1

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... 

 

 

 

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