topic K-1 Box 17 code AJ in Business & farm

K-1 Box 17 code AJ

Physics911 — Tue, 10 Feb 2026 10:43:21 GMT

On the taxes we got back from the CPA for my wife's small business (not using TurboTax business) there are two values for K-1 box 17 code AJ. How do I know what to put in our personal taxes when TurboTax asks for the AJ value on the K-1?

What is showing on her business taxes are:

Aggregate Business Activity Gross Income for Sec. 461(l) $75,122

Aggregate Business Activity Total Deductions for Sec. 461(l) $80,066

Thank you

Re: K-1 Box 17 code AJ

Mike9241 — Mon, 26 Feb 2024 21:42:46 GMT

sorry Turbotax does not handle excess business loss reporting. you would have to do a manual form 461. since this can not be included in an e-file return you would have to mail your 1040 (see form 461)

Re: K-1 Box 17 code AJ

grandwave22 — Wed, 10 Apr 2024 16:59:43 GMT

Since the Form 461 amount is entered in Other Income line p and recorded on Schedule 1 line 8 can't I efile and mail Form 461 separately?

Re: K-1 Box 17 code AJ

DaveF1006 — Thu, 11 Apr 2024 23:07:49 GMT

No. This would need to be attached to your return thus your return would need to be mailed with form 461 attached.