The recent update on March 14, 2024, resolved the errors with Box 20 Code AJ. If you are using TurboTax Online, the updates are automatic. If you're using TurboTax for Desktop, go to Online in the TurboTax header and click on View Updates. Click the + sign beside Program updates to see the most recent release. You can also Check for Updates under the Online topic to be sure you have the most recent release.
Since the information from Code AG/AJ will be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return), you have the option to omit the code and the amount(s) from Schedule K-1.
You may need to delete Form 3468 if it remains in your return.
I downloaded TurboTax to Mac. I do not see “online” anywhere on screen. google says to “quit” TurboTax and reopen. I get pop ups: “you are up to date” and “ no tax form updates at this time”. I still get 14 errors regarding missing information on form 3468. I do not see how to verify that I have the most recent release.
Now I have deleted the k1 and reentered all the information. Still have 14 errors regarding missing information on form 3468.
please assist.
thank you.
In TurboTax Desktop for Mac, after you open your return, click on TurboTax >> Check for Updates.
After you deleted the K-1, did you also delete Form 3468?