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February 26, 2024
Question

K-1 Box 17 code AJ

  • February 26, 2024
  • 1 reply
  • 0 views

On the taxes we got back from the CPA for my wife's small business (not using TurboTax business) there are two values for K-1 box 17 code AJ.  How do I know what to put in our personal taxes when TurboTax asks for the AJ value on the K-1? 

 

What is showing on her business taxes are:

Aggregate Business Activity Gross Income for Sec. 461(l)   $75,122

Aggregate Business Activity Total Deductions for Sec. 461(l)  $80,066

 

Thank you

    1 reply

    February 26, 2024

    sorry Turbotax does not handle excess business loss reporting. you would have to do a manual form 461. since this can not be included in an e-file return you would have to mail your 1040 (see form 461)

     

     

    April 10, 2024

    Since the Form 461 amount is entered in Other Income line p and recorded on Schedule 1 line 8 can't I efile and mail Form 461 separately?

    DaveF1006
    April 11, 2024

    No.  This would need to be attached to your return thus your return would need to be mailed with form 461 attached.

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