Schedule K-1, Line 20, Code AJ

ToddBG_CPA

I have a client with a Form 1065 Schedule K-1, Line 20, Code AJ shows:

Aggregate Business Activity Gross Income: $180

Aggregate Business Activity Total Deductions: $554.

Where do I input this in ProConnect? The Note in the input section for K-1's says to, "See section 461(I) and Form 461 instructions for details." But I do not see any input section for form 461.

Kathi_at_Intuit

Hi @ToddBG_CPA

Welcome to the community and thanks for posting your first question! Have you had a chance to reach out to ProConnect Tax Support yet? They may be able to assist with this.

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TaxGuyBill

@ToddBG_CPA wrote:

The Note in the input section for K-1's says to, "See section 461(I) and Form 461 instructions for details." But I do not see any input section for form 461.

Have you look at Section 461(l) and/or the Instructions to Form 461 to determine if it applies to your client?

Terry53029

When you look at instructions for 461 do you see if your clients meet the threshold amounts ? (For 2024, the threshold amount is
$305,000 ($610,000 for taxpayers filing a joint return))