Does Turbotax support Form 8990? Do not see it in Forms.

Forum|Forum|7 years ago
June 1, 2019
9 replies
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Best answer by Anonymous_

That form was just approved by the IRS (came out of draft status) last month.

It should be available in early February.

See https://ttlc.intuit.com/questions/1908855

bat4uni

Level 2

I do not see 8990 in forms and it is April !?????

bat4uni

Level 2

Give us an answer yes or no file an extension

Smarc

Level 4

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.

Anonymous_Answer

Level 15

That form was just approved by the IRS (came out of draft status) last month.

It should be available in early February.

See https://ttlc.intuit.com/questions/1908855

Anonymous

Form 8990 is still not available. Any update on when it will be available?

Anonymous_

Level 15

" 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.

Anonymous_

Level 15

"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).

Link: https://www.irs.gov/pub/irs-pdf/i8990.pdf

Anonymous

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?

Smarc

Level 4

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.

Line 20 AE and AF are only used to calculate if you are limited in your own carry forward deduction by section 163(j). (ie, over $25 million of gross receipts or you own a foreign company). Those amounts are not carried forward, but are used in your three year average to see if you are subject to the section 163(j) limitations. If you’re doing your own taxes, chances are you’re small business taxpayer grossing less than $25 million, and your excess business interest expense is not going to be further reduced.

Anonymous_

Level 15

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

ecachtienAuthor

Level 2

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.

dreamerguy

Level 2

Can't get to file as this is a proper entry statement

Smarc

Level 4

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