Get your Form 8990 in 3 easy steps
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1. What is an 8990 form?
This fillable 8990 form is used by taxpayers to calculate the business interest expense amount they may deduct, and the sum you can bring forward for the next year. You can download 8990 form and file it alongside 1065, 1120, 1120S, and 1040 tax return forms. Some taxpayers can also elect the Limitation in line 26, on Business Interest Expense.
2. What I need the 8990 form for?
- Use the blank 8990 form to calculate your business interest expense;
- Check out the money that can be deducted to the next tax year;
- This form is used for the IRS primarily, so they can stay aware of your expenses, and it is attached to the tax return forms on several occasions;
- Small business owners do not have to file the 8990 PDF form;
- Taxpayers with business interest expenses are not subjects either.
3. How to fill out the 8990 form?
You may find the free of charge form on this page. You can either file it online or print it and send the paper version to the IRS. It consists of 3 pages, but you don’t have to complete all the boxes. Before you start, you need to read the instructions:
- Complete your name and Identification number, employer identification number, or a name of the foreign entity if it relates to the subject in the field above;
- Part 1 is for calculating the business interest expense. It is completed by the taxpayer to the 163(j) section;
- Part 2 is for the partnership pass-through items. It must be completed in case you have a partnership. You have to indicate the expenses of an excess business interest;
- Part 3 for S corporation pass-through items.
4. Organizations that work with 8990
- Business partners;
- Employers in rare cases.
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Fillable online Form 8990