Can FreeTaxUSA professionals assist with Form 8990, or am I on my own with that regard?

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e4curran4
e4curran4 Member Posts: 2 Level 2
edited March 23 in Filing my taxes

I have stock shares of a PTP in my brokerage, in which I am not actually technically making a profit, but I had just $1 of excess business interest expense reported on the K-1. That, of course, triggered the alert that I could not efile my tax return and had to complete Form 8990. Since I did not make excess business interest income and the taxable income itself is in the negative, it seems unlikely to have that much of an impact, but I still do not wish to potentially get audited by the IRS if I botch the 8990 or leave it off the return. I am on the last page of the FreeTaxUSA return, asking about Direct Deposit from the IRS, etc., but I understand that I'd need to actually file the return in paper with the Form 8990. Are the professionals on FreeTaxUSA able to assist before filing altogether, or would I have to seek outside assistance for that form?

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  • RyanZ
    RyanZ FreeTaxUSA Agent Posts: 70
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    Hello e4curran4, and welcome to the FreeTaxUSA Community!

    At this time, FreeTaxUSA doesn't support reporting K-1's from a PTP, so we are not able to assist you with your 2023 tax return. Our Tax Pro's are only allowed to provide guidance on the forms that we support, so they wouldn't be able to assist you with the form 8990. You will need to see assistance from somewhere else.

  • e4curran4
    e4curran4 Member Posts: 2 Level 2
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    OK. I suspected that was the case. Thankfully, with enough reading and researching on other forums, I should be able to fill out the form myself. Hopefully, in the future, there are plans by FreeTaxUSA to include it as a supported form.