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Calculate adjusted taxable income

Follow these steps to force the application to calculate taxable income and other amounts for Form 990.
important
If you change, add, or remove any data after performing these steps, you'll need to repeat the process to capture the updated information.
  1. Complete all data entry in the return.
  2. Enter
    1
     in the
    Use calculated amounts on Form 8990
     field on the 8990 screen.
  3. Select
    View
    , then
    Form
    , or print preview the return.
  4. Enter
    2
     in the
    Use calculated amounts on Form 8990
     field on the 8990 screen.
Once you complete these steps, the application calculates the following amounts as if the business interest expense was deducted in full.
  • Net operating loss
  • Taxable income
    : For an S Corporation, taxable income includes both separately and non-separately stated items, and is the amount from Schedule K, line 18. For a Real Estate Investment Trust (REIT), taxable income includes the dividends received deduction, but doesn't include the deduction for dividends paid. Refer to proposed regulation 1.163(j)-4(b)(4) for other items that affect the taxable income of a REIT.
  • Depreciation, amortization, and depletion
    : This amount also includes Section 179 deductions and other amortized expenditures under Sections 195 and 248.
  • Amount of loss, deduction, income, or gain items from a pass-through entity
    : The income or loss from a pass-through entity includes both separately and non-separately stated items from the K-1 Reconciliation worksheet. If the net amount from all pass-through entities is a loss, the result displays on Form 8990, line 12. If the net amount from all pass-through entities is income, the result displays on Form 8990, line 19.
  • Capital loss carryover or carryback
    : The capital loss carryover or carryback is included in Form 8990, Other additions.

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