Screen 8990 - Limitation on Business Interest Expense Under Section 163 (j)(1040)

Alerts and notices
Note: Amounts on this screen print on Form 8990 only. They do not flow automatically to any form or schedule in the tax return. If you need to update a different form or schedule with Form 8990 amounts, use the appropriate input screens to update with the new information.

If the taxpayer has business interest other than the business interest from a partnership and they are subject to section 163(j) limitation on business interest expense, mark this field and complete all the applicable fields on Screen 8990.

See Form 8990 instructions for more information on who is subject to the limitation. If this field is not marked and you only have business interest from a partnership, the application automatically calculates Form 8990, Schedule A – Summary of Partner’s Section 163(j) Excess Items.

Carryover information: Current-year excess business interest expense calculated on Form 8990, Page 2, and on Schedule A from Screen K1-6 input will automatically proforma each year.

Enter information in this statement to show the allocation of Form 8990, line 30 – Total current year business interest expense deduction when more than one form or schedule with business interest is reported.

Enter the business interest expense (not including floor plan financing interest expense) that would have been deductible in the current year without the application of section 163(j).

Enter taxable income computed as though all of the business interest expense is otherwise allowable business interest expense. The application does not automatically calculate this amount. See Form 8990 instructions for details on this section.

Enter information that is computed as if all of the business interest expense is otherwise allowable business interest expense. The application does not automatically calculate this amount. See Form 8990 instructions for details on this section.

Enter information that is computed as if all of the business interest expense is otherwise allowable business interest expense. The application does not automatically calculate this amount. See Form 8990 instructions for details on this section.

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