Form 8990 how do I know if I need to attach this form that TurboTax does not support?

I was entering information from the K-1 that the Partnership I invested in sent me. I am a limitrd Domestic partner.

In box 13 I have Code K $2 Excess business income.

I have no clue what do to Form 8990 which is Limitation on Business Interest expense Under section 163(j).

This is the first year I have a PTP. Do I really need to attach Form 8990 to my return?

HELP. I guess it is time to go to a professional tax preparer.

5341

Expert Alumni

Mar 23, 2025 1:31:53 PM

Minimal amount of Excess Business Income is unlikely to affect your taxable income. Form 8990 is required only if you need to track excess business interest or have a significant amount of interest expense to deduct.

You might review the information here: IRS Basic questions and answers about the limitation on the deduction for business interest expense.

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Form 8990 how do I know if I need to attach this form that TurboTax does not support?