Schdule K-1 Box 17 - Codes V and AJ

[grgarfie]

Help! I have several numbers listed for Box 17 Codes V and AJ. See Below. Did I enter these correctly?

Section 199A Items Box 17 - Code V:

Ordinary Income (LOSS)     72

W-2 Wages                       9,588

Unadjusted Basis           48,038

Box 17 - Code AJ:

Aggregate Business Activity Gross Income or Gain    26,070

Aggregate Business Activity Deductions                       25,999

I entered 9,588 in Box V and 26070 in Box AJ. Is that correct or do I add them together?

[Mike9241]

after entering the income for 17V (disregard the other items for now)  later on you should be asked to enter the separate (QBI) items. TurboTax does not use 17V except to later ask for the QBI details

you can net 17AJ. TurboTax does not handle this item  you might have to manually complete form 461 which Turbotax does not do. If you are required to file this form you will have to mail in your 1040.

Who Must File
File Form 461 if either (i) your net losses from all of your trades or businesses are more than
$305,000 ($610,000 for taxpayers filing a joint return), or (ii)
you would report a loss of more than $152,500 on any one of
Form 461, lines 1 through 8.

 https://www.irs.gov/forms-pubs/about-form-461