Assuming that you have a Schedule K-1, since you have posted on a discussion thread dealing with K-1 issues:
When you receive Schedule K-1, you need to enter all of the fields in TurboTax as prompted so the information will be included with your return. You will need to enter the information, but whether this results in additional tax depends on the type of items reported and the amounts. A Schedule K-1 is a document that partnerships, LLCs, S-corps, estates, and trusts use to describe to owners/shareholders what income they are receiving from the entity.
See this article for instructions to enter a K-1
See this article for more information on K-1s in general.
In TurboTax Online, go to Wages and Income, then scroll down to S-corps, Partnerships, and Trusts. Click Show More, then select Schedule K-1. Select the right type (Partnership, S Corporation, or Estates or Trusts.
Enter the information about the issuing entity in the fields provided. Follow the prompts in the program and enter information in all of the fields that have entries on your form.
Ordinary business income or loss is entered in Box 1 for a Partnership of S-Corp Schedule K-1.
If by "amount under W-2" you are referring to Code V under Other Information, Box 17 for S corporations:
W-2 wages.
The amounts reported reflect your pro rata share of the S corporation’s W-2 wages allocable to the QBI of each qualified trade or business, or aggregation. See the instructions for Form 8995 or Form 8995-A.
If you have questions about any of the information reported on Schedule K-1, see if there are other statements included that further explain the entries, or contact the issuer.
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