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I have 2 AJ values for box 20 one for gross income and the other total deductions. How do I enter then in Turbotax? The drop down only states Excess business loss limit

 
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1 Reply
ThomasM125
Expert Alumni

I have 2 AJ values for box 20 one for gross income and the other total deductions. How do I enter then in Turbotax? The drop down only states Excess business loss limit

Per the instructions to Schedule K-1, the entry in box 20, code AJ refers to excess business losses. There are rules disallowing business losses in excess of $250,000 for an individual and $500,000 for joint tax filers. You would have to do a separate calculation to determine how that may affect the deduction of losses associated with the partnership on your personal tax return.

 

As far as the entry is concerned, you can just enter the gross income amount, it won't affect your tax return. 

 

From the instructions to Schedule K-1:

 

 

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