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sjlocke
Level 4

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

Using TurboTax Business for my S-corp.  I've tried to reduce my issue to the simplest case.

I've entered my business income in the income section.  Under deductions, I've entered my wages paid.  I've pushed "Done with deductions" to step forward.  I enter my dividend distributions during the next few questions.   I continue to the QBI section.  I say "Yes, this income is QBI".  On the next page, I say "No, this business receives no more than a deminimis amount of income from these specified services."  On the next page, it shows my "Ordinary Business Income", which is the amount of the original income entered, minus the wages.  It also shows my "Wages". 

Now, if I switch to forms, in Box 17, I get a code V which refers to the Schedule K Statement A which shows the amount of "Ordinary Business Income" under QBI.  However, the Statement A does NOT have a code W which reflects the wages paid.

Should it not have a code W and the amount of wages paid?

I ask this, because I am not getting the QBI deduction in TurboTax Deluxe when I am entering my Schedule K information, and thought this might be part of the issue.

Thanks!

10 Replies
DianeC958
Expert Alumni

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

Yes you should have a code W for the amount of wages the company paid.

 

Please check your 1120S form to verify that there is an amount on Line 7 for Compensation for Officers and if you have other employees an amount on line 8 Salaries and wages.

 

If these do not have entries that would be why you do not have a code W on your K-1 form.

 

The other possibility is that the forms are not ready for filing yet.

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sjlocke
Level 4

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

Yep, 7 and 8 both have values.  Still nothing on the K-1 line 17 for a code W.

Did I find a bug?

Anonymous
Not applicable

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

look for form 8995 or 8995-A.  the IRS changed the reporting of QBI info for 2019.   boxes w-z are not used on 2019 k-1

sjlocke
Level 4

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

I do see the 8995 when I go back into TT Deluxe for my personal return.  But the only thing showing on there is my wife's 1099-MISC.  It doesn't have the income or the wages passed through from the s-corp. 

tagteam
Level 15

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W


@sjlocke wrote:

Should it not have a code W and the amount of wages paid?


No, that code was for 2018. For 2019, the procedure has been changed.

 

See (starting on page 37) https://www.irs.gov/pub/irs-pdf/i1120s.pdf

mdin
Level 2

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

I have this same issue.  Box 17 of my K1 says V and  STMT instead of a dollar amount.  This was created using TT business.  There is no W code with wages amount like in 2018.  I understand there has been a change for 2019 in the format, however because of this, turbotax will not generate any QBI on form 8995 or any of the worksheets on my personal income taxes. It is reported and calculate as zero.   Is there a way to override this? 

DaveF1006
Employee Tax Expert

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

Check your statement to see if there is any reference on how to report that number or indication what that number should be. According to this IRS link," If you believe the corporation has made an error on your Schedule K-1, notify the corporation and ask for a corrected Schedule K-1. Don't change any items on your copy of Schedule K-1. Be sure that the corporation sends a copy of the corrected Schedule K-1 to the IRS. If you are unable to reach an agreement with the corporation regarding the inconsistency, file Form 8082." .

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Don29
Returning Member

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

I am having the same issue as the people above.  The K-1 I am trying to enter into my personal taxes using turbotax home & business, was generated using my Turbo Tax S-Corp software for my S-corp business.  The K-1 shows a V* in box 17 and next to it it says STMT in the other information box.  When I look at the Statement A-QBI Pass-through Entity Reporting form, it shows my Ordinary business income in one field and it shows W-2 wages in another field.  It doesn't tell me which of these numbers should be used for the QBI number.  I assume the smaller number is the one that should be used, but shouldn't Turbo Tax S-Corp software be placing the correct QBI number on my K-1?

tagteam
Level 15

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W


@Don29 wrote:

...it shows my Ordinary business income in one field and it shows W-2 wages in another field.


Add the two numbers together for Line 17; you will enter them separately in a subsequent screen that requests more information on your 199A breakdown.

dcrews02
New Member

Business Not Showing Wages on Schedule K-1 in Box 17 With Code W

OK - great.  I appreciate the help.

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