1. No. From the Supplemental Information given, you have one line for Box 20 Code AJ - Aggregate Business Activity Deduction of <314,136>.
The second section of that page shows that the K-1 reported a net ordinary loss for the year. This should appear on the Schedule K-1 in Box 1.
2. The loss from the K-1 should appear on Schedule 1 Line 5. The total from Part I "additional income" is shown on Form 1040 Line 8. Your total taxable income is shown on Form 1040 Line 15. You should be able to trace the K-1 income through these forms to understand how the loss affected your total taxable income.
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