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Form 8990 instructions

Instructions for Form 8990 (Rev. December 2022) - IRS-2025

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The document provides instructions for Form 8990, which is used to calculate the limitation on business interest expense deductions under Section 163(j) of the Internal Revenue Code. It outlines updates regarding the computation of adjusted taxable income (ATI), eligibility criteria for filing, and specific rules for partnerships and S corporations. The form helps taxpayers determine their allowable business interest expense deduction and any carryforward amounts for future tax years. Additionally, it includes details on safe-harbor elections for controlled foreign corporations (CFCs) and other relevant definitions and calculations.

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Who is subject to excess business interest expenses?

To the extent a partnerships business interest deduction is limited, the deferred business interest (excess business interest expense) must be allocated to the partners, which reduces the partners bases in their partnership interests.

How to prepare form 8990?

How To Complete Form 8990: A Step-by-Step Guide and Instructions Step 1: Obtain the form. Step 2: Review the instructions. Step 3: Gather required information. Step 4: Identify the partnership. Step 5: Complete Part I - Section 108(b) basis difference. Step 6: Complete Part II - Tentative Schedule B basis adjustments.

What are the three conditions for form 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 must generally file Form 8990, unless an exclusion from filing applies.

What is the gross receipts test for small business taxpayer for 2022?

Revenue Procedures 2021-45 and 2022-38, section 3.31, increased the threshold for the gross receipts test for small business to $27 million for 2022 and $29 million for 2023.