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Screen 8990 - Limitation on Business Interest Expense (1041)

Taxpayer is subject to section 163(j) limitation on business interest
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 the 8990 Screen.
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, UltraTax CS 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 fromthe K1-6 Screen input will automatically proforma each year.
Schedule of allocation of allowed interest expense when more than one activity
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.
Business interest expense before section 163(j) limitation
Enter the business interest expense (not including floor plan financing interest expense) that would have been deductible in the current year without UltraTax CS of section 163(j).
Taxable income
Enter taxable income computed as though all of the business interest expense is otherwise allowable business interest expense. UltraTax CS does not automatically calculate this amount. See Form 8990 instructions for details on this section.
Adjusted taxable income: Additions
Enter information that is computed as if all of the business interest expense is otherwise allowable business interest expense. UltraTax CS does not automatically calculate this amount. See Form 8990 instructions for details on this section.
Adjusted taxable income: Reductions
Enter information that is computed as if all of the business interest expense is otherwise allowable business interest expense. UltraTax CS does not automatically calculate this amount. See Form 8990 instructions for details on this section.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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