Can someone explain how the amount in line 6 (taxable income) of form 8990 is calculated? Is it just taxable income less ALL interest expense for that year?

like
Posting as :
works at
You are currently posting as works at

Did you check the instructions already? Looks like this is answered there.

it is just a function that helps to solve circular formula cuz at the end of the day, it is circular whether you take the int carryforward or nol carryforward

like

Related Posts

Has anyone refinanced their student loans on h1b visa? Is common bond the only option?

25 L per annum in india vs 16k polish currency per month in Poland. Which one is good to go?

like

Best option for old pension? Cant roll it into current 401k, and don’t want to roll it into a TIRA because it will cause pro-rata issues when doing backdoor roth for the year. Any other options?

like

Any advice on how best to protect your crypto investment from hackers?

like

Hi , for anyone that moved from US to Canada were you able to transfer your 401k or how does that work ? Thanks in advance

like
like

Any recommendations on growth stocks to buy now ? I missed the Tesla run....

like

Hey friends. My wife and I are looking to start investing in the market outside of our 401ks, hsa etc. We opened a Charles Schwab brokerage account and planning to transfer 2-3k/mo. We’re in our late 20s/early 30 and likely won’t need to touch the money for 10+ years. What should be our investment strategy? How should we allocate to what funds? Thinking of splitting evenly across large, mid, small caps, and growth, value funds using DCA.

like

When I override directly on the tax form but the override clears when consolidating and it no longer qualifies for efile

Post Photo
likefunny

DWAC - it’s been doing surprisingly well. How is this SPAC different than the others? Anyone invested in it, Despite its ownership? Thoughts?

like

Is it best to wait a bit on buying an apt in NYC area? Thinking of getting a 1 bedroom in LIC with the help of parents - not sure if it’s best to wait given market conditions?

like

thinking of paying of student loans with patriots moneyline this weekend...

like

3 hour maintenance delay this morning on American. Checked my account and they deposited 5k points without me even contacting them. Has anyone had this happen before? I am PP status

likeuplifting

When people talk about their saving rate. Is it based on “gross” or “net” income?

like

I own two small companies, 1.5million in sales combined. Owned them for more that 20yrs. Getting older and thinking of selling, would like to sell by end of 2025.

Not sure how to go about selling. Any ideas?

like

Does it still make sense to purchase rental properties in HCOL markets like LA? I was passively looking before the pandemic, but it seems like things have gotten pretty insane. Lot of properties just won’t cash flow.

Hi! Hows the new wk going??? Anything exciting?

Anyone willing to share what assets they're investing in with the extra money from being overemployed?

like

More Posts

Hello ! Anyone at Google willing to refer me for a position there? Please let me know and DM. Thanks, Appreciate it :)

like

How is Horizon BCBS project in Cognizant?

like

Hey guys, I’m moving from Canada to Dubai this coming Summer as an experienced consultant with PWC. How’s it working there? Do you recommend the culture, the work environment?

I lateralled into biglaw from a compliance job a couple of months ago because I was given a "too good to be true" opportunity (2 years out of law school), and I have regretted it ever since. Has anyone successfully left biglaw after one year and gone in house or boutique? (Please no nasty comments, we all make mistakes when that much money is involved). I can afford the pay cut thankfully, just worried about the ability to find work.

likehelpful

Curious to know has anyone stumbled upon a bar(cocktails, drinks) that has also nailed social accounts so good so that besides their bar offerings people also cant wait to consume their content?

like

Has anyone ever heard HRU

Post Photo
like

Hi fishes,

I've received offers from Harman International's Audio Lifestyle Division (15 LPA Fixed), DevOn (17 LPA Fixed), HCL's (14 Fixed + 1 V), Annalect (16 F + 1 V), UST Global(16 F + 1 V), and Rakuten (16 F).

Which choice offers the best WLB, job security, and future growth for me? I have worked in front-end development for 3.5 years in total.

Which firm has the best human capital advisory in your opinion?

like

Current team status......

Post Photo
likefunny

Is there a head hunter in chicago worth engaging with for senior positions?

like

2014 Robert Sinskey Commander Zinskey. For having the age and 15.4% ABV it’s held up well and has softened up since the last bottle 2 years ago. This house is known for quality wine.

Post Photo
like

I know WSB can be a crock of shit, but there seems to be some decent DD out there regarding MT and Q1 steel plays? Apparently demand is exceeding supply right now and is setting up a big steel push. Anybody have any thoughts on this?

like

Other than the weekly tech event, what are some good happy hours for meeting professionals? Really love that event and hope to find a few more. Thanks!

like

Hi Folks,

Can anybody let me know, how is the level of interview in deloitte for an 3.6 year experienced SAP FICO consultant?

like

Can anyone review my resume and give me feedback?

like

I had a question regarding Career transition from QA to Data Scientist role. Should my resume show QA experience and 2-3 personal projects made on Data Science or shall I modify QA experience as an already Data scientist and should follow fake it till I make it approach?

What would you guys suggest?L

Hello! I wanted to offer some advice to students. I’m a 15yr experience Sr. TA & I want to let students know that the format of your resume can make or break. When I’m hiring anyone in any type of marketing role, if the resume doesn’t have an amazing aesthetic, I’ll auto decline. Anyone in marketing knows visual is of the utmost importance. Also, project managers - if the resume isn’t organized, precise, structured - this tells me you can not manage complex projects.

like

Anyone here interviewed at or work for Nice? Would like to hear your thoughts/experience. Thanks in advance!

like

Hi. I have an interview for a Office Manager position, at MLB this week. Does anyone know how long MLB’s interview process usually takes? Also, does anyone have knowledge of MLB salaries? Any info would be super helpful! Thank you!

like

interviewing for the first time since forever (I know, should have switched earlier), I had the last interview for one firm and expected to hear back from them last week, nothing as of now. Don't feel like I'm being ghosted yet, they are not in a rush to find someone. 

Do you usually inquire on the status? I'm also having a last round with another firm on Friday. Should I tell any firm that I'm in the interview process with another one? What is the best strategy these days? Thank you

like

Additional Posts in Tax Bowl

What are the reasons why we have staffing issues in Public Accounting? Go!

likefunny

Fishes....

EY v/s GT...
Whom would you choose and why?
Can someone please elaborate on amount of workload, policies, work culture and the busy season.

I have an offer from both where EY is paying slightly better than GT.

However, not really sure what to choose.
I have heard that busy season at EY is crazy, though coming from D, this should not be a concern, however I am too scared to jump into a deeper well hence any advice/opinion will be really appreciated.

Thanks

like

PPP. How does your state treat it? My state is MN and income is taxable when forgiven and PPP expenses are deductible.

like

Other than Big 4 and probably RSM/BDO/Grant Thornton, which public accounting companies are open to transfer H1-B visa? I am in Tax.

like

All - I was Covid-laid off by Deloitte in July.. Do you think Deloitte will hire me back, ignoring the 6-12 months lockin of interviewing/hiring in case it exists.. Can HR or senior management shed some light! :(

like

Which tax specialty pays the most?

like

What is a good range for Base salary for a senior tax associate in the asset management industry

likehelpful

How would you handle this? I was assigned to the nightmare legal team. I am to prepare returns for their clients that have tax court deadlines. I asked for a list of returns and their deadlines within the next 3 weeks so I can prioritize and know what is coming down the pipeline. I was just told, No official due dates, this can change quickly as calls requesting returns come in.

So lately I’ve been using the interns to get the engagement and work papers set up so I can go in and do the return. I don’t think it’s fair for their growth. I’ve seen managers do it so I’m taking part in it. But what do you think? It does help make me more energy but I can stop doing this too.

like

Two questions for those of you at Big 4/other national firms:

1) At what level do you really start to see the entire tax return from start to finish?

2) How much is the “why” emphasized in training new associates on how to perform certain tasks?

I work at a smaller regional firm with roughly 70 employees (never been at a firm larger than 300 people), and I’ve been involved with many interviews of candidates from Big 4 firms where I walked away very unimpressed. Cont...

like

Hi! I have an interview for a tax manager position in south Florida (2nd year). What salary range should I be asking for? I’ve looked at a few sites (Glassdoor and indeed) and the ranges are not consistent. Indeed - 98k Glassdoor - 130k. Any insight is appreciated!

like

Imagine a grocery store with only 1 cashier because the owner doesn’t want cashiers having nothing to do. Not until the line is 20 deep does he bring in another one. Then when both lines are 20 deep he brings in a 3rd. That’s public accounting.

likesmart

How do you break the news for new staffs that this is not a 9-5 job?

likefunny

Have a Tax Associate interview tomorrow, and general interview questions I should prepare for ?

How do you deal with someone prioritizing a partner, director, managers projects over yours because they are working with a partner, director, manager directly?

like

Don't assume all of your coworkers are making about the same. Many years ago, I was working as a tax staff making $60,000 at a small CPA office in NYC. There was another tax staff that I shared an office with that was only making $40,000. How I knew? He accidentally dropped his paystub on his way out one Friday and was shocked to see how much less she was making. We were both staff level. I had more experience but still shameful that 2 staff levels had such a huge wage gap. I never told her.

like

What are the new tax technology groups in the Big 4? PwC = Digital Accelerator. DT/EY/KPMG = ? Typically focus on alteryx, tableau, uipath, etc.

like

Anyone have advice on increasing comfort with sub C? Budget constraints mean we need to do more in house and this is definitely an area I struggle in from time to time. Andrew Mitchell charts are helpful but sometimes lack details on supplemental issues that should be considered.

likehelpful

What salary should I be looking at for a senior corporate tax associate position in Texas?

like

Hi, I had an interview for indirect tax at EY. I’m wondering what the hours would be like? Do you think it’s crazy hours, Monday through Sunday?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.