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Do you have to file Form 8990 if you have no interest expense?

A pass-through entity allocating excess taxable income or excess business interest income to its owners must file Form 8990, regardless of whether it has any interest expense.

Who is exempt from 163j?

Taxpayers who qualify for the exemption under section 163(j)(3) (small business exemption) are not subject to the section 163(j) limitation. A taxpayer qualifies under the small business exemption if the taxpayer is not a tax shelter (as defined in section 448(d)(3)), and meets the section 448(c) gross receipts test.

Does 163 J apply to individuals?

In the law known as the Tax Cuts and Jobs Act (TCJA),1 enacted in 2017, Sec. 163(j) was docHubly amended by placing limits on the deductibility of business interest for all taxpayers except certain exempt trades or businesses.

What is the 163j limitation for 2022?

The section 163(j) limitation is applied at the partnership level. As provided in Q/A 1, the amount of deductible business interest expense in a taxable year cannot exceed the sum of the partnerships business interest income, 30% of the partnerships ATI, and the partnerships floor plan financing interest expense.

Does 163j apply to small businesses?

Small Business Exemption A taxpayer meets the small business test for the tax year if its average annual gross receipts for the three prior tax years does not exceed a threshold amount ($29 million for 2023, $27 million for 2022, $26 million for 2020, 2021, and 2019).

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Who is required to file 8990?

A taxpayer (including, for example, an individual, corporation, partnership, S corporation) with business interest expense; a disallowed business interest expense carryforward; or current year or prior year excess business interest expense generally must file Form 8990, unless an exclusion from filing applies.

How is 163j calculated?

Computation of section 163(j) limitation. If section 163(j) applies to you, the business interest expense deduction allowed for the tax year is limited to the sum of: Business interest income, Applicable percentage of the adjusted taxable income (ATI), and. Floor plan financing interest expense.

What is business interest income for 163 J?

The deduction for business interest is limited under Sec. 163(j) to the sum of (1) business interest income; (2) 30% of adjusted taxable income (which after 2021, does not include depreciation or amortization); and (3) floor plan financing interest.

Who is subject to 163 J Small Business?

Generally, section 163(j) applies to a CFC in the same manner as those rules apply to a domestic C corporation. If a CFC is a partner in a partnership, the section 163(j) limitation applies to the partnership in the same manner as if the CFC were a domestic C corporation.

What is the purpose of IRS Form 8990?

Use Form 8990 to calculate the amount of business interest expense you can deduct and the amount to carry forward to the next year.

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Do you have to file Form 8990 if you have no interest expense?

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