K-1 Box 20

jc001
jc001 Member Posts: 1 Newcomer
in Filing my taxes

In K-1 box 20, three of the codes I have: AJ (excess business loss limitation), N, and Z (ABI Pass-through entitiy reporting) all say "STMT" and there is an attached statement with more information. Free Tax USA is asking me to put numbers in each box, but there isn't just one number in the attached statements for a couple of those codes. Anyone know how to handle this?

Answers

  • tyler611
    tyler611 Member Posts: 1 Newcomer

    For Box Z put $0. When you get to the next screen it will ask you further questions where you can enter the rest. I'm still trying to figure out Code AJ though.

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 252

    Hi jc001,

    You'll first need to determine if you have large losses on your return, if not, you don't need to enter Box 20, code AJ.

    Code AJ in Box 20 refers to information on Form 461, Limitation on Business Losses. This form disallows losses over $290,000 ($578,000 for Married Filing Joint) that aren't offset by income in 2024. So you'll only need to enter this code if you have large losses, which is captured on a screen titled "Excess Business Loss."

    Scroll this 2024 FreeTaxUSA Community thread which may be helpful.

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