This paper presents results from experimental research and finite element method investigations on the ultimate strength of K type tubegusset plate connections with negative eccentricity or without eccentricity. Static tests on four large scale specimens indicate that connections with negative eccentricity and those without eccentricity have the similar failure modes and the connections with negative eccentricity are feasible in practice. Finite element models are employed to simulate the test loading procedure and to facilitate the parametric study on the ultimate strength of the connection. Based on a comparison between FEM results and assessment by existing design guides, a new ultimate strength equation is proposed to incorporate a reduction coefficient in terms of the chord stress effect. The effect of side stiffeners is also investigated to provide reference for application.