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I have another tax question. I have some 2018 K-1s from an
I have another tax question. I have some 2018 K-1s from an oil partnership. What is a form 8990 and do I need to file one? I don't recall having to do this in prior years and my HR Block tax software doesn't seem to take care of it. The are amounts in line 20 labeled AH on the K-1s. … read more
Tax.appeal.168
Tax.appeal.168
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I'm filling out Form 8990---Limitation on Business Interest
I'm filling out Form 8990---Limitation on Business Interest Expense---for my 2019 Form 1040. In 2019, I had an investment in a publicly traded limited partnership called Alliance Resources Partners, L… read more
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I have 2019 K-1 showing Line 20 Code AE Excess Taxable
I have 2019 K-1 showing Line 20 Code AE Excess Taxable Income. Is this Line 20 entry for information only or does it get added to taxable income? … read more
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I have an S Corp with interest expense in excess of gross revenue for 2019 (they are essentially non-operating). They did not have average annual gross receipts exceeding the $ 26 million limit over t… read more
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If a shareholder receives a k1 from an s corp with
If a shareholder receives a k1 from an s corp with information regarding 8990 with codes AA and AB in box 17.. does the shareholder needs to complete 8990 on his 1040?… read more
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I am using the H&R-Businees peckage and am confronted with
Good Morning. I am using the H&R-Businees peckage and am confronted with the 8990 form for business expenses. I don't have business interest expenses and wondered what could have triggered the form, a… read more
emc011075
emc011075
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I am filing my tax forms today and the software I am using
Hi again. I am filing my tax forms today and the software I am using (TaxAct) is stating that in order to E-file my return I have to complete a IRS Form 8990 Limitation on Business Interest Expense. I… read more
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I HAVE A 1065 k-1 THAT SHOWS $482,696 ON LINE 20AE. THE
i HAVE A 1065 k-1 THAT SHOWS $482,696 ON LINE 20AE. THE NOTES TO THE K-1 SHOW THAT THIS AMOUNT IS EXCESS TAXABLE INCOME. I HAVE NEVER SEEN THIS BEFORE AND DON'T KNOW HOW TO REPORT IT ON THE FORM 1040.… read more
Dr. Fiona Chen
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IF i RECEIVE A 1065 K-1 WITH BOX 13 (K) SHOWING AN AMOUNT OF
iF i RECEIVE A 1065 K-1 WITH BOX 13 (K) SHOWING AN AMOUNT OF MY LIMITED BUSINESS INTEREST WHERE DO I DEDUCT THIS AMOUNT ON MY PERSONAL RETURN? i DID A FORM 8990 FOR MY PERSONAL RETURN AND IT LOOKS LIK… read more
Lev
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I am getting prompted to attach an 8990 form to my 1065
I am getting prompted to attach an 8990 form to my 1065 during e-Filing by TaxAct. I haven't run into this in the past - in reading other posts I see it possibly has to do with a question in schedule … read more
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I have an S Corporation that had zero income in 2018 with a
I have an S Corporation that had zero income in 2018 with a license fee of $225.00 and registered agent fee of $125.00 for a total of $350.00 in losses to be passed through. When I go to e-file the co… read more
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I am completing my form 1065 form and K-1's online through
Hi, I am completing my form 1065 form and K-1's online through tax act (they don't have anyone who can help me). It is requiring that I upload form 8990 for business interest. I am confused because I … read more
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I have completed my business tax forms 1120S, K-1, etc using
I have completed my business tax forms 1120S, K-1, etc using www.taxact.com as I have for many years. This year, it is requiring me to complete IRS form 8990 and submit. I have read the instructions a… read more
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We have a cow calf operation the we sell whole, half and quarter to the public. We also have a hay business. We do all our business at the farm. \So it is a few separate business but only one business… read more
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S Corp -- only stockholders husband and wife. I just took these books but the stockholders have been using a credit card in the company for business expenses and personal as well. The personal expense… read more
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