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K1 Box 17 code /AJ
Need to know how to correctly fill out. Do I subtract the two numbers?
Aggregate Business Activity Gross Income or Gain $278,275
Aggregate Business Activity Deductions $162,639
Turbotax does not handle k-1 codes 17AJ and does not do form 461
here's from the k-1 instructions
Code AJ. Excess business loss limitation. If the corporation has deductions attributable to a business activity, it will provide a statement showing the aggregate gross income or gain and the aggregate deductions from the business activity that you need to figure any excess business loss limitation. See section 461(l) and the Instructions for Form 461 for details.
don't bother entering codes 17AJ on the k-1 because Turbotax ignores them
read the instructions to form 461 as to who must file. you may be exempt
irc 461
(B)
for any taxable year beginning after December 31, 2020, and before January 1, 2026, any excess business loss of the taxpayer for the taxable year shall not be allowed.
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