box 20 of k-1? if yes, enter the net. however, know that TurboTax does not use this for anything.
if schedule E for the partnership is showing an allowable loss, you might need to complete form 461 which Tutrbotax does not do. the 350 loss (as a negative) would go on line 5 of the form. you'll probably find that line 16 of the form is a positive number and so gets entered nowhere on your 1040.
if you do complete the form you will have to mail your return because there's no way to include a manual form in a TurboTax e-file.
Code AJ. Excess business loss limitation. If the
partnership has deductions attributable to a business
activity, it'll provide a statement showing your distributive
share of the aggregate gross income or gain, and
aggregate deductions, from the business activity of all of
the partnership's trades or businesses. You can use this to
figure any excess business loss limitation that may apply.
See section 461(l) and Form 461 and its instructions for
details.
