The information from Schedule K-1 Box 17 Code AJ is relevant only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return). If this doesn't apply to you, leave Box 17 Code AJ blank (or do not include this code).
If the excess business loss does apply to you, this information will allow you to figure any excess business loss limitation that may apply. See IRS Instructions for Form 461 - Limitations on Business Losses. TurboTax does not include Form 461, which must be attached to your tax return (print and mail).
If you wish to record the amounts on your return for completeness, you will need to:
- Enter the total of all lines Code AJ in the amount for this code.
- Go to Forms Mode, open K-1 S-Corp for this investment and click the QuickZoom under Line 17 for "codes D, R, AS, and ZZ."
- Enter all lines for Code AJ under Code ZZ in the yellow lines/boxes. The total here must match the amount previously entered for Code AJ. This information does not affect your tax return.
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