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?