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Form 8990
Form 990 reports the section 163(j) business interest expense deduction and carryover amounts. The form calculates the section 163(j) limitation on business interest expense in coordination with other limits.
Business interest income
Business interest income is 1 of the factors in determining the amount of allowable business interest expense.
The
Interest income
fields on the Inc and K screens are presumed to be portfolio income, which isn't the same as business interest income. You'll need to enter the corporation’s business interest income in the 8990 screen to calculate the allowable business interest expense.Business interest expense
Enter business interest expense, not including floor plan financing interest, in the
Business interest expense subject to limitation
field in the Inc, F-2, 4835-2, and Rent screens. UltraTax CS sums the amounts entered in those fields and transfers the total to Form 8990, line 1.Disallowed interest expense
The interest expense limitation is calculated at the consolidated level, so preparing Schedule M-3 in the consolidated return may cause the return to be out of balance. Based on the Schedule M-3 instructions, you should report an adjustment made at the consolidated level that isn't attributable to any specific member on the consolidated Schedule M-3 and the eliminations client Schedule M-3.