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New Member

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

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?
New Member

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

Totally agree. There are circumstances where individuals have to file the form. Turbotax needs not to make excuses.
New Member

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

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!
New Member

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

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.
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Level 2

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

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.
Level 15

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

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

New Member

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

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.
Level 2

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

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.