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
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)
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?