K-1 Box 17 code AJ

If you follow the steps below, the information from Schedule K-1 Box 17 Code AJ will appear on an Additional Information worksheet as part of your return. How you use this information is left for you to determine and enter as appropriate. Note that Code AJ is for Excess Business Losses, which would be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return). If this doesn't apply to your tax situation, you may completely omit the following entries.

 

1. Working through the Schedule K-1 entry screens, check the box for Box 17.
2. Continue to the page to Enter Box 17 Info.
3. Choose AJ - Excess business loss limitation from the drop down.
4. Do not enter an amount here.
5. Continue to the page to Enter Other Information Detail.
6. In the section under "Description", enter the Supplemental Information provided with your K-1. Choose relevant descriptions then enter the amount for each line.
7. Continue to back to the K-1 Summary page.

 

You can review the result using Forms Mode.

1. Find K-1 Partner [name of K-1] in the forms list on the left.
2. Click on K1P Addl Info 1 under that form to open it in the large window,
3. Scroll to the bottom of the form to Code AH to ZZ: Other Information.
4. Confirm that your entries for Box 17 Code AJ appear on Line 6.
5. Click Step-by-Step to return to the main screens.

What if you have a business loss. Do you need to enter 'Other Information' or on the first screen can you just enter '0' in the amt column

You don't need to enter an amount beside Box 17 (leave it blank). The program will ask you for the other information on a following page.

Hi @PatriciaV, I have the same situation. When I follow steps 1-4 (and I double-checked that I did not enter an amount as your step 3 says), the page "Enter Other Information Detail" does not appear. Do you know how I can get to that page?

The recent updates for Schedule K-1 entry removed the additional information section for most boxes and codes. Unless you are using TurboTax for Desktop and can access Forms Mode, there is no option for entering the supplemental information for these codes.

 

We are not expecting any further updates for K-1 entry before the tax filing date.

 

Please be aware that Code AJ is for Excess Business Losses, which would be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return). If this doesn't apply to your tax situation, you may completely omit Box 20 Code AJ.

 

@HiyaFred2