Taxpayer had a K-1 showing $29 on line 20 with code AE (Excess taxable income). Where does this amount go on the 1040?

Forum|Forum|6 years ago
December 7, 2019
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Best answer by PhoebeRoberts

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.

PhoebeRoberts

Answer

Intuit Community Champion

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.

A

abs96

Level 4

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

Just-Lisa-Now-

Intuit Community Champion

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

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.

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