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The message regarding "gasification" comes from an entry from Box 20 Code AJ or Box 17 Code AG, depending on the type of K-1 you have entered.
Here's a work-around for 1120S Schedule K-1 that should resolve the error and allow you to delete Form 3468 (if needed):
In the Schedule K-1 interview, choose Box 17 Code ZZ instead of AG. Continue until you see "Enter Other Information Detail." Enter two lines: Label one line "AG - Aggregate Business Income" with the number from Box 17 additional information and the second "AG - Aggregate Business Deductions" (usually a negative number).
Your entries appear on the K-1 worksheet under Box 17 Code AJ to ZZ Line 6.
If you are using TurboTax for Desktop and can use Forms Mode:
Check K-1 S-Corp for this entity. Make sure there are no entries for Form 3468 under Box 13 Credits.
Then delete Form 3468 if it is still on the forms list.
You can use the same work-around for a 1065 K-1 with Box 20 Code AJ.
The message regarding "gasification" comes from an entry from Box 20 Code AJ or Box 17 Code AG, depending on the type of K-1 you have entered.
Here's a work-around for 1120S Schedule K-1 that should resolve the error and allow you to delete Form 3468 (if needed):
In the Schedule K-1 interview, choose Box 17 Code ZZ instead of AG. Continue until you see "Enter Other Information Detail." Enter two lines: Label one line "AG - Aggregate Business Income" with the number from Box 17 additional information and the second "AG - Aggregate Business Deductions" (usually a negative number).
Your entries appear on the K-1 worksheet under Box 17 Code AJ to ZZ Line 6.
If you are using TurboTax for Desktop and can use Forms Mode:
Check K-1 S-Corp for this entity. Make sure there are no entries for Form 3468 under Box 13 Credits.
Then delete Form 3468 if it is still on the forms list.
You can use the same work-around for a 1065 K-1 with Box 20 Code AJ.
Hi does this work for a 1065 K-1 also?
If you haven't entered Form 1065 Schedule K-1 yet, here are the instructions:
If you follow the steps below, the information from Schedule K-1 Box 20 Code AJ will appear on an Additional Information worksheet as part of your return. How you use this information is left for you to determine and enter as appropriate. Note that Code AJ is for Excess Business Losses, which would 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 your tax situation, you may completely omit the following entries.
You can review the result using Forms Mode.
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