Schedule K-1 Form 1065 Box 20 Code AJ seems to require form 3468 which is not applicable for a none oil/gas/energy businesses.

Forum|Forum|2 years ago
March 9, 2024
4 replies
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Code AJ is for "Aggregate Business Activity Total Deductions". Turbotax seems to be struggling with form as it was held up for filing until now. Then it was held up again due to a problem with K-1 line 20 code AJ. Now that is fixed but it seems that Form 3468 should not even be needed for a none oil/gas/energy business.

K-1 line 20 code AJ seems to trigger form "K1P Additional Info 1" and Form 3468. On "K1P Additional Info 1" I entered "Aggregate Business Activity Total Deductions" in line 6 under "Other" as it is not coal/gas/energy.

I can fill out form 3468 and say everything is "Not Applicable", but it still requires line 2a: "IRS-issued registration number", and that doesn't exist as the LLC has nothing to do with oil, gas, or energy.

TurboTax Online

PatriciaV

Employee

The incorrect identification of Box 20 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.

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jerryboda

I'm wondering how long an update will take for this issue to be resolved. Seem like many have reported similar issues related to the Box 20 Code AJ requiring form 3468 some time ago so I'm wondering how we can track an ETA. It would be nice to see problems identified and get a timeline for all ETAs on resolution so we can track progress. It would be nice if a link for resolutions was on the software under HELP at the top.

pa68

I also tried yesterday to omit the code and amount from my k1 and still receive the same errors.

Shaundee1

I didn't ever have a form 3468 and it was still giving me an error and preventing me from filing. I entered the details on line 6 under "other" so it had something to total and it worked. (amounts not shown here)

Code AH to ZZ: Other Information

Other * (enter description):

Turbo tax forcing this: Box 20, code AJ
Aggregate Business Activity Gross Income or Gain
Aggregate Business Activity Deduction

We had NO gasification/coal activity, only solar cookers

K-1 Headache

I'm seeing the same problem. The Turbo Tax K-1 issues have been holding up my filing and costing me lost interest on my refund every day for weeks now. When will this be fixed TurboTax??? Problems stems from AJ entries in Box 20 on the K-1 form that in turn require nonsensical inputs about Gasification for an energy credit form 3468 that is not needed. There is no way around the software error, and it prevents all with this situation from filing. Stop ignoring us TurboTax and get this problem fixed ASAP! PLEASE!!!

jerryboda

Agreed. The problem has been reported but not prioritized as weeks have gone by and no fix. If they are under staffed they will lose a lot of loyal customers