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Where do I report Box 13 , Code K, excess business interest expense from a partnership on an individual return from a partnership?

ssabcs
Level 1
 
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Just-Lisa-Now-
Level 15
Level 15
The help file says this:

Code K. Excess business interest expense. If the partnership reports excess business interest expense to the partner, the partner is required to file Form 8990. See the Instructions for Form 8990 for additional information.

You may want to search this message board for 8990....I think I remember seeing that PS doesn't have that form, I cant remember the work around though.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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taxiowa
Level 9
Level 9
You do nothing with it in the current year.  Partner will carry it forward to future on a worksheet or sticky note.  Partner will deduct as business interest expense in succeeding year that same p'ship allocates excess taxable income or excess business interest.  So you do not report it at all in your case, because excess business expense is calculated on for 8990 at the p'ship level.
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Just-Lisa-Now-
Level 15
Level 15
The help file says this:

Code K. Excess business interest expense. If the partnership reports excess business interest expense to the partner, the partner is required to file Form 8990. See the Instructions for Form 8990 for additional information.

You may want to search this message board for 8990....I think I remember seeing that PS doesn't have that form, I cant remember the work around though.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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