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Self employed
To be accurate, you should enter Box 20 Code AJ twice - once for Gross Income and again for Total Deductions.
Note, however, that this information will be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return).
See also:
- IRS Instructions for Form 1065 Schedule K-1 Box 20 Code AJ
- IRS Instructions for Form 461 - Limitations on Business Losses
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‎February 25, 2024
11:01 AM