Box 20 of my K1 use code AJ which is Excess business loss limitation. A TurboTax review it wants me to identify the amount as some type of gasifaction?? Code AG. Help

Forum|Forum|2 years ago
February 24, 2024
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Code AJ has nothing to do with gasification or coal etc. But when you run a review an error shows asking you to identify the amount as what type of gasification or coal project. Think it is a TurboTax program error

TurboTax Online

Lalo86

I am running into this same thing. Please fix turbo tax. @Turbotax

PatriciaV

Employee

We are unable to reproduce this review message when entering Form 1065 Schedule K-1 with Box 20 Code AJ. Please close TurboTax, reopen your return then run Review again.

If the message persists, it would be helpful to have a TurboTax ".tax2023" file to test further.

If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions:

In TurboTax Desktop, open your return and go to Online in the black TurboTax header (on a Mac, choose Help).

Choose Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear.
Reply to this thread with your Token number and tag (@) the Expert requesting the token from you. Please include any States that are part of your return.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.

@gcburke

@Lalo86

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gcburkeAuthor

token #1194810

This should show the error that comes up when you run a Federal Tax review.

Believe workaround is to default to Other and type in Code AJ and then enter the $ amount?

@PatriciaV

PatriciaV

Employee

Thank you for the Token number. We will investigate and if we are able to determine the cause, we'll reply here and provide you with a resolution.

@gcburke

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GlennLes

I'm having the same problem. The K-1 I received has line 17 with code AJ listed. The supplemental Information sheet has under Descriptive information two AJ lines with Agg Busness income and one with Agg Business Activityy Total Deductions. After listing both numbers on the input screen give me the same gasifacation error during review,

I don't believe.they have updated the codes for 2023

debkaro

Mine is also on 1120-S K-1, box 17, code AJ. I can't figure out where to enter that into TurboTax. There are two different amounts -- one for Aggregate Business Activity Gross Income or Gain and one for Aggregate Business Activity Deductions. What do I do with this information -- where does it get entered?

sjb002

This has been a known issue for weeks now and how is there not a fix?! Turbotax software obviously thinks this AJ belongs to a different K1 box since Box 20 AJ has nothing to do with gasification or mining.

We're not even close the married 540,000 limitation so I'm thinking its just going to be easier to omit AJ.

PatriciaV

Employee

The incorrect identification of Code AG/AJ will be addressed in a forthcoming update. We recommend signing up to be notified when the update is released: Why am I receiving an error in TurboTax for Schedule K-1 Box 20 when code AJ is selected?

However, since this information will be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return), you have the option to omit the code and the amount(s) from Schedule K-1.

@gcburke

@sjb002

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