Follow these instructions to enter the $$$$ shown as Code AJ through ZZ on box 17 of the #### S Corporation Schedule K-1

[GmWells]

For the first time, my 2023 K-1 has a Code AJ in Box 17, "Excess Business Loss Limitation."  When I go the Instructions, I have two numbers, "Aggregate Business Activity Gross Income or Gain" ($1,231,930) and "Aggregate Business Activity Deductions" ($1,197,436).  I followed the suggestion of another person on this thread and input the Income or Gain as a positive number and the Deductions as a negative number in separate pull-down boxes for Box 17, Code AJ.  Since the difference is a positive $34,494 (and, therefore not a loss), I'm not even sure if I need to do anything.  Also, when I ran the error check, I received no errors.

Unfortunately, I'm just making a wild guess, since TurboTax 2023 provides no help or information.

I would like a TurboTax Expert to tell me if I am on the right track or if I even have to input any numbers from my K-1.  Please get back to me/us quickly.  I endured a month last year with the Form 7203 program fiasco and would appreciate a faster answer.  (BTW, Form 7203 still isn't fixed in TurboTax--I just did the same work-around you told me to do last year to make the numbers work.)

[PatriciaV]

At this point, TurboTax does not support the entry of additional information for Schedule K-1 Box 17 Code AJ. This information will be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return). If this doesn't apply to you, leave Box 17 Code AJ blank (or do not include this code).

If the excess business loss does apply to you, you will need this information to figure any excess business loss limitation that may apply. See IRS Instructions for Form 461 - Limitations on Business Losses. TurboTax does not include Form 461, which must be attached to your tax return (print and mail).