1120s K-1 Block 17 torture

[thwclw]

Trying to get this done before Milton takes out the internet!

Where would I find the data values for codes in block 17 of a K-1 for1120s ?  I can't find the source  for the values needed for codes  AJ, V The only good value I found was for AC - The K1 form I received had those codes in block 17 and included a page 2 Supplemental Information with the following "Other information" for block 17 -

AC Gross receipts for section 448(C)........ 14,500
AJ Aggregate business activity gross income ......... 14,500.
AJ Aggregate business activity Total Deductions .......9,957

There was no mention of code V that I could find in any statements attached to the K-1

Turbo Tax defines the AJ code like this:

AJ   Excess Business loss limitation - I find no references to this in the return or k-1

The ONLY code that I can find a source for in the statements attached to the K-1 is AC .
Which value should I use for the AJ value when Turbo Tax asks for it, the 14,500 or the 9,957?

Can I use 0 for the V code value if there is no statement with the needed data on the K-1?
What happens if I just ignore the two codes (AJ and V)  I'm having trouble and just use the AC code?

This is driving me crazy, PLEASE help!

[tagteam]

I will page @Mike9241. Check back later.

[Mike9241 · Accepted solution]

sorry but Turbotax does not do the calculations/forms that these numbers may require. so don't even bother to enter them in the k-1 worksheet

 this is what K-1 instructions say

Code AC. Gross receipts for section 448(c). Use the gross receipts amount to figure the business interest expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details.

Code AJ. Excess business loss limitation. If the corporation has deductions attributable to a business activity, it will provide a statement showing the aggregate gross income or gain and the aggregate deductions from the business activity that you need to figure any excess business loss limitation. See section 461(l) and the Instructions for Form 461 for details.

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

https://www.irs.gov/site-index-search?search=8990&field_pup_historical_1=1&field_pup_historical=1 

check the who must file part of the instructions

if you need to file either or both forms, your return will have to be mailed

[thwclw]

Thanks!  That settled it for me - no need to file either of those forms in my case.