I Turbotax Code AJ on a K1 is "Excess Business Loss Limitation". The K1 has 2 definitions; "Aggregate Business Activity Gross Income" and "Total Deductions.Which to use?

[etexasbob]

Which definition amount to enter? Both have values but are different.

[PatriciaV]

Per the IRS Instructions for Schedule K-1 List of Codes and References Used in Schedule K-1 (Form 1065), Box 20 Code AJ is used for Excess business loss limitation. 

However, some partnerships choose to use this code to report Aggregate Business Activity Gross Income and Aggregate Business Activity Total Deductions, which together total Excess Business Losses for Form 461.

This information is relevant only if your net losses from all businesses are more than $305,000 ($610,000 if filing a joint return). If this doesn't apply to you, you can leave Box 20 Code AJ blank (or do not include this code).

See also: IRS Instructions for Form 461 - Limitations on Business Losses