Thanks everyone for the answers!
Dad3353 - I was totally about to do that. However, after opening the amp up, I realized that I could simply remove the wires coming from the internal amp while leaving the wires from the jack. Now it works perfectly as an input! And if/when I need the internal amp, I just open up the back and reconnect those 2 wires.
You are all correct that it is meant as an external speaker jack. The external speaker would be run in series, so the jack is wired directly to the speaker itself and nothing else, which is why I mistook it for an input.
In case anyone ends up in this thread in the future after a Google search or something looking for a similar reason, you can also install one of these -
Neutrik NMJ4HC-S 1/4" Mono Phone Jack Switched (thanks "B-string" from the talkbass forums) - that way you can have the internal amp still wired to the speaker as well as have it useable as an extension cabinet.