Mike, David et al,
I have similar but hopefully simpler question. I have minor amounts entered on both lines and 1 and 2 of two seperate K-1s. In both instances the amount in line 1 (which is a negative) is then clarified in box 20 as an "Excess Business Loss Limitation" (Code AJ).
Is it possible to fill out one K-1 per investment, and either (i) leave line 1 blank and simply fill in the amount in Box 20 with Code AJ, or (ii) combine the amounts in lines 1 and 2 into line 2, and clarify the report in box 20 with code AJ?
Alternatively, if I have to complete two seperate K-1s for each investment, should I then use the option to combine them at the end of the TT queries because they are the same entity (same ownership, etc.)?
Thank you,
