Our K1's for all members seem to be generating with incorrect info. On line 17 of each K1, items V and W are reported. Only three of the five members of our LLC received W2 wages, though all five members' K1's show Line 17 Item W of W2 wages. The number calculated by turbotax business for this value in Line 17 Item W is the member's ownership percentage multiplied by total wages for the year, even if certain members didn't receive W2 wages. Is there a way to remove these values on the K1s being produced? Do these values impact the 1040 for each member?
These codes are valid. They will use these amounts to calculate their Qualified Business Income deduction on their personal returns. W-2 wages listed here is their portion of wage expense by the business, and will not be reported as wage income on their returns.
These codes are valid. They will use these amounts to calculate their Qualified Business Income deduction on their personal returns. W-2 wages listed here is their portion of wage expense by the business, and will not be reported as wage income on their returns.
Thank you! Is this new for 2019? Where would this information be input on the 1040?
Yes, this is a new item this year. The deduction will appear on Form 1040 line 9. Here is more info on the deduction: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/7036528">https://ttlc.intuit.com/replies/7036528</a>