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

[PhoebeRoberts · Accepted solution]

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]

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

[PhoebeRoberts]

Well you need to get a Form 8990, then.

"It's a partnership pass-through informational item, not additional income at the 1040 level."

[Just-Lisa-Now-]

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.

[sjrcpa]

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?

[kaquil6789]

no