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Level 3
April 12, 2025
Question

K1 Box 20 with a Code AJ

  • April 12, 2025
  • 1 reply
  • 5 views

I have a K1, item 20, code AJ, Excess Business Loss Limitations.  It indicates this code is not provided in the program and to enter on the appropriate form.  It is Aggregate business activity gross income and Aggregate business activity total deductions.   What form do I enter these on?

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1 reply

Level 6
April 12, 2025

I think it goes in Form 461 (not supported by PS). But, the entry may not apply in your case.  

 

https://www.irs.gov/pub/irs-pdf/i461.pdf