K-1 Box 20 Code AJ. The statement has multiple line items with different descriptions. TurboTax is only asking for a single figure. How do I enter this?

[Farleyo]

One line item is for Aggregate Business Income. The other line item is for Aggregate Business Deduction. Do I net these or what?

[PatriciaV]

Schedule K-1 Box 20 Code AJ information is relevant only if your net losses from all businesses are more than $305,000 ($610,000 if filing a joint return). If this doesn't apply to you, leave Box 20 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 use TurboTax Desktop as follows: 

1. Enter the total of all lines Code AJ in the amount for this code.
2. Go to Forms Mode, open K-1 Partner for this investment, and click the QuickZoom under Line 20 for "codes E, T, AS, and ZZ." 
3. 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.