K-1 Box 17 code AJ

[Physics911]

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

[Mike9241]

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)

[grandwave22]

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?

[DaveF1006]

No.  This would need to be attached to your return thus your return would need to be mailed with form 461 attached.