coachbja
Level 1
12-07-2019
04:00 AM
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Level 11
12-07-2019
04:00 AM
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I agree with Susan that it goes on Schedule A of Form 8990.
It's a partnership pass-through informational item, not additional income at the 1040 level.
abs96
Level 3
12-07-2019
04:01 AM
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I don't have a Form 8990 in a personal 1040 return to report the excess taxable income from a K-1 (1065), line 20, Code AE. Does this amount go on Line 21 of a 1040
Level 11
12-07-2019
04:01 AM
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Well you need to get a Form 8990, then.
"It's a partnership pass-through informational item, not additional income at the 1040 level."
"It's a partnership pass-through informational item, not additional income at the 1040 level."
Level 15
12-07-2019
04:01 AM
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Unless there's some addiotnal kind of information telling what type of excess taxable income it is, I guess Line 21, Other Income is the winner.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
12-07-2019
04:01 AM
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This is in refernece to the 163(j) business interest limitation and Form 8990. Is there excess business interest and Adjusted taxable income on that K-1, too?
The more I know the more I don’t know.
The more I know the more I don’t know.
kaquil6789
Level 1
12-07-2019
04:01 AM
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no