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Where do i deduct excess business interest expense separately stated from a partnership K-1, Line 13K?

jbnickel
Level 1

Excess business interest expense on Line 13K of partnership K-1 - WHERE DO I DEDUCT?  INSTRUCTIONS TELL ME ITS NOT PROVIDED IN PROGRAM AND THAT I HAVE TO MANUALLY ENTER ON PROPER FORM.

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abctax55
Level 15

The proper form is F 8990.  

I'm not sure PS supports it though, based on the following threads

https://accountants-community.intuit.com/search?filters%5Bcountry%5D=US&filters%5Bproduct_display_na...

"*******Tax software is no substitute for a professional tax preparer*******
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2 Comments 2
abctax55
Level 15

The proper form is F 8990.  

I'm not sure PS supports it though, based on the following threads

https://accountants-community.intuit.com/search?filters%5Bcountry%5D=US&filters%5Bproduct_display_na...

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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jbnickel
Level 1
That is not where the deduction is taken.  That form is used to compute the deductible amount of the excess.  The expense is a separately stated item on the K-1 and must be entered manually.  So my question is what form to take the deduction?  Without further guidance, I'm going to report on Sch E, page 2, along with the other K-1 pass thru income.