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Deductions & credits
Yes, you are correct. You may enter the amounts for Box 20 Code AJ using the signs that are appropriate - positive for income, negative for deductions. Since the information is not used by the program, more specific entries are not necessary.
The IRS Instructions for Form 1065 Schedule K-1 Box 20 Code AJ do not include a breakdown for this code. The detailed information may be used to complete Form 461 (IRS Instructions for Form 461 - Limitations on Business Losses).
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March 18, 2025
2:03 PM
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