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Form 8990 Status Update

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Employee
Employee

The most current Form 8990 will be included in the Version 40.0625 release as draft while waiting for final instructions, scheduled to be released June 25, 2020.

Additional items of interest:

  • The new 50% limitation does not apply to partnerships.
  • A checkbox field has been added to the 8990 input screen (Screen 87 in Corp) to elect to use the 50% adjusted taxable income limit. If not checked, the program will use 30% as it had before.
  • When Form 8990, line 26 is greater than 0 and the 50% election hasn't been made, an informational diagnostic will generate regarding the 50% election.
  • Partnership - 8990 Worksheet: The worksheet prints if entries are made in the "Partnership is not subject to Section 163J limitation" section in Screen 72. Since lines 23-25 moved to page 2, a new page 2 was added to the 8990 Worksheet. Now the 8990 Worksheet reads 8990 Worksheet, p1 and 8990 Worksheet, p2.
  • S-Corporate - 8990 Worksheet: The worksheet prints if entries are made in the "S Corporation is not subject to Section 163J limitation" section in Screen 80. Since lines 23-25 moved to page 2, a new page 2 was added to the 8990 Worksheet. Now the 8990 Worksheet reads 8990 Worksheet, p1 and 8990 Worksheet, p2.
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Community Manager
Community Manager

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Employee
Employee

With the most recent release of version 40.0630, available June 30, 2020, the final Form 8990 (and instructions) is now available. To verify you are running the most current version of the program Click Here.

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