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Schedule K-1 (Form 1065) Box 20 AN Code

I see code AN:

Code AN. Farming and fishing business.

If the partnership is involved in a farming or fishing business, it will report your distributive share of gross income and gains, as well as the losses and deductions attributable to such business activities. See section 1301.

Similar to Code AJ in the case of:
"However, some partnerships choose to use this code to report Aggregate Business Activity Gross Income and Aggregate Business Activity Total Deductions, which together total Excess Business Losses for Form 461."

Can I just add these together using deductions as a negative number to calculate the AJ field?

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1 Reply
PatriciaV
Employee Tax Expert

Schedule K-1 (Form 1065) Box 20 AN Code

Unfortunately, you cannot combine the numbers reported on Schedule K-1, even for the same box number. Each code is specific to how that activity should be reported and handled on your tax return. Enter the information from Schedule K-1 as it appears.

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