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16869: Form 8990 - Section 163(j)(7) Election or Withdrawal


Fed Returns Generally

How do I complete a late election or withdrawal of an election made under Section 163(j)(7) for Form 8990?

 

Revenue Procedure 2020-22 provides a late election or withdrawal of an election made under Section 163(j)(7). This is applicable to timely filed returns and amended returns in 2018, 2019, and 2020.

To make or withdraw the election:

  • in a business return, on the ELEC screen select 01 - General Election from the drop list.
  • in an individual return, on the SCH screen select E - Election Explanation. The title will be "Revenue Procedure 2020-22.”

The following information is required to be entered in the explanation box:

  • Header (enter either):
    • Revenue Procedure 2020-22 Section 163(j)(7) Election

    OR

    • Revenue Procedure 2020-22 Section 163(j)(7) Election Withdrawal
  • Taxpayer name
  • Taxpayer address
  • SSN/EIN
  • Business description and business activity code
  • Statement (enter either):
    • Statement that the taxpayer is making an election under section 163(j)(7)(B) or 163(j)(7)(C).

    OR

    • Statement of withdrawal stating that pursuant to Rev Proc 2020-22 the taxpayer is withdrawing its election under either section 163(j)(7)(B) or 163(j)(7)(C).

1065, 1120, 1120-S for Election Withdrawal

1040 Election Withdrawal

For more information about Form 8990, see Related Links below. 

Related Links


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