turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

John1946
New Member

Entering multiple K-1 AG codes for previous tax years

There are three AG entries on my LLC K-1 for 2021 through 2023. Do I enter only the previous (2023) tax year AG or all three AG entries?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
PatriciaV
Expert Alumni

Entering multiple K-1 AG codes for previous tax years

Since TurboTax doesn't process your entry for Box 20 Code AG, you may enter one amount or a total of all three amounts provided for Schedule K-1. 

 

According to IRS Instructions for Form 1065 Schedule K-1 Code AG. Gross receipts for section 448(c), you may need this information to figure the gross receipts test under section 448(c). You can read more about this test here: Basic questions and answers about the limitation on the deduction for business interest expense.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question