Question

For Schedule K-1 box 20 code AJ what amount do I enter?

Forum|Forum|2 years ago
March 7, 2024
1 reply
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For that Section I have statement coded AJ with 3 amounts:

Code AJ is listed as excess business loss limitation on Turbo

My K-1 form shows the following:

Code AJ: Aggregate Business Activity Gain(Loss) on Dispo. of Property $26,671

Code AJ: Aggregate Business Gross Income $8,508

Code AJ: Aggregate Business Activity Total Deduction $3833

I initially planned on entering the all, but separately on Box 20 code AJ (even though it doesn't state the exact wording by the code AJ), but wasn't certain that was the right approach.

This is the first year I have seen Code AJ. Thanks in advanced! Any assistance is greatly appreciated.

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M

Mike9241

Turbotax does not have the capacity to use the AJ info That's what the * means in TT). It shouldn't matter in this situation. Since your income exceeds deductions you have no excess business loss. The other issue is that Turbotx does not handle form 461 where any business loss limitation would be calculated.