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.

We look forward to your future contributions here in the community! 

 

[TaxGuyBill]

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@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.

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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))