For the first time, my 2023 K-1 has a Code AJ in Box 17, "Excess Business Loss Limitation." When I go the Instructions, I have two numbers, "Aggregate Business Activity Gross Income or Gain" ($1,231,930) and "Aggregate Business Activity Deductions" ($1,197,436). I followed the suggestion of another person on this thread and input the Income or Gain as a positive number and the Deductions as a negative number in separate pull-down boxes for Box 17, Code AJ. Since the difference is a positive $34,494 (and, therefore not a loss), I'm not even sure if I need to do anything. Also, when I ran the error check, I received no errors.
Unfortunately, I'm just making a wild guess, since TurboTax 2023 provides no help or information.
I would like a TurboTax Expert to tell me if I am on the right track or if I even have to input any numbers from my K-1. Please get back to me/us quickly. I endured a month last year with the Form 7203 program fiasco and would appreciate a faster answer. (BTW, Form 7203 still isn't fixed in TurboTax--I just did the same work-around you told me to do last year to make the numbers work.)
