Form 8990

[ddiehr]

Under the suggestion for 163(j) It states the below:

"NOTE: Amount(s) entered below print on Form 8990 only. If Form 8990 computes that some or all interest expense is disallowed, the allowed interest expense must be manually prorated and then entered as interest in the affected areas of the return. Any computed excess business interest expense, excess taxable income, or excess business interest income will automatically flow to Schedules K and K-1. If the partnership is not subject to Section 163(j) limitations, but the partners are, Form 8990 will print as a worksheet and any business interest expense, adjusted taxable income, and business interest income will flow to Schedules K-1.

OPTION TO CLICK - Partnership is subject to the section 163(j) limitation

OPTION TO CLICK - Partnerhip is Not Subject to Section 163(j) Limitation

OPTION TO CLICK - Partners could be subject to section 163(j) limitation

I clicked Partnership is NOT subject to Section 163j

and Parnters could be subject to section 163. 

OPTION TO CLICK - Carry amounts from the return to Form 8990 Worksheet

I also clicked the above option to "Carry amounts from the return to Form 8990 Worksheet"

When i did this and reviewed the 8990 Worksheet it put "INTEREST INCOME" instead of "INTEREST EXPENSE" on the first line of 8990 Worksheet.  To correct this, we un-clicked the "Carry amounts from the return to Form 8990 Worksheet" and it appeard to correct the issue.  (it did still carry some amounts over, just not the interest income.)  However, I would like Intuit to know so they can resolve the error and I don't know who to contact.  

Also, if anyone else has experienced this and had to make other adjustments, please let me know. Thank you 

Dawn

[Kathi_at_Intuit]

Welcome to the community. Let me see if I am able to duplicate this.

[sjrcpa]

@ddiehr  I would remove your email address. This is a public forum. The barn door is open to all.

[ddiehr]

Yes. i did think of that.  i ended up leaving it.. Now i'm not sure how to go back and get rid of it? 

[IntuitKatieB]

I removed the email address 
Thank you both!

[ddiehr]

THANK YOU!

[Kathi_at_Intuit · Accepted solution]

I have been able to duplicate this and thank you for bringing it to our attention.  This unexpected bahavior has been reported to our development and I have attached you to this. You will receive an email when one becomes available. As a workaround you would be able to got to Limitation on Business Interest Expense (8990) screen and in the box that says Current year business interest expense, before the section 163(j) limitation* enter the amount there. This will override the amount on the worksheet.