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Level 2
February 24, 2021
Question

Using Turbo Tax business for my S Corp.

  • February 24, 2021
  • 1 reply
  • 14 views

I've used Turbo Tax Business in 2019 and it worked well.   I'm using the 2020 version now to do my 2020 taxes. In the Deductions section where it asks for salaries and wages I put my 2020 W2 in the officer box as I'm the only offer of the corporation.   I put the amount of $19,200 in the box.   However, when I click continue it shows my wages as $29,721.00.   I have no idea why it is inflating my W2 wage.  Any thoughts here?   

1 reply

Level 15
February 24, 2021

Check Line 7 of your 1120-S in Forms Mode.

Level 2
February 25, 2021

Yes, I looked at the line in forms mode and it just shows the same number $29,721.00.  I cannot figure out why it is showing that number when I've input $19,200 into the box. 

Level 15
February 25, 2021

If you right-click in that field you should get a menu option, one of which is Data Source.