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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- on a K-1 Partnership where do I enter line 20 AJ amount?
on a K-1 Partnership where do I enter line 20 AJ amount?
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1 Comment 1
jharvey
Level 3
03-13-2024
08:39 AM
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The screen note says the following:
(20AJ) NOTE: Excess business loss limitation. If the partnership has deductions attributable to a business activity, it will provide a statement showing the taxpayer's distributive share of the aggregate gross income or gain, and aggregate deductions. This can be used to figure any excess business loss limitation that may apply. See section 461(I) and Form 461 instructions for details.
Income and deductions that are included elsewhere on the K-1 (such as box 1), automatically carry to Form 461, line 5. If there are any adjustments needed, those can be entered by going to the "Net Operating Loss" input screen, then click on the link that says "Cur. Yr NOL / Misc." and navigate down to the "Excess Business Loss" section. Alternatively, you can go to the forms tab, click the box to show all forms, go to Form 461, and then right click on line 8 and select Jump to Input.
