Form 8990 - 163(j)

Technical topics regarding tax preparation.
#1
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I need a sanity check.

Client gets a few different patnership K-1s. All have a tax loss. Only one of the K-1s has excess business interest in Box 13K. Let's say $1,000 for simplicity. No current year excess taxable income nor business interest income from this partnership.

I believe this client needs to file an 8990 according to the 2020 Form 8990 instructions. I generate one, and have the following for the 8990 Schedule A:

Column c: $1,000
Column d: -0-
Column e: $1,000
Column f, g, & h: -0-
Column i: $1,000

I believe that's all I need. It shows that the partnership excess business interest expense is disallowed and being carried forward to 2021.

Drake is producing an efile diagnostic and telling me that I need to complete Part I of the 8990 on the first and second pages. Nothing is flowing from the Schedule A however to Section I of Part I, and I believe that is actually correct in this situation.

Any thoughts here? Is the Drake programming faulty, or am I missing something?
 

#2
CO CPA  
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Any updates to this situation? I just talked to Drake about this same situation and they're telling me the taxpayer doesn't have a filing obligation because of this e-file error but they are unable to point me to the reasoning.
 

#3
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Taxpayer 3yr gross receipts less than $25M?
 

#4
CO CPA  
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TAXMASTER wrote:Taxpayer 3yr gross receipts less than $25M?

Definitely less than $25M. Just an individual with an LP investment. Please tell me I can delete this form??
 

#5
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https://kb.drakesoftware.com/Site/Brows ... /Form-8990

Getting mixed messages on whether form 8990 filed with c/o for a partner who gets K-1 box 13k. Could either fill out 8990 with carryover and attach as a PDF or keep in taxpayer records.
 

#6
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TAXMASTER wrote:https://kb.drakesoftware.com/Site/Browse/15872/Form-8990

Getting mixed messages on whether form 8990 filed with c/o for a partner who gets K-1 box 13k. Could either fill out 8990 with carryover and attach as a PDF or keep in taxpayer records.


Thanks for this link and the information. I've spent way too much time going back and forth on this.
 


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