S Corp QBI W2 Amount

[vikalp77]

Hi

For a single member S corp under 50 year old. He has drawn $70000 as gross wages. 

Break up us

$37584 Box 1 wages

$22500 Solo 401k Employee deferal

$7750 Employer HSA contribution for family

$4166 Health insurance premium for marketplace and private dental and vision

So my question is what should be wages reported on Schedule K1 for QBID section 19AA.

Should it be $70K or less?

[Mike9241]

see REV PROC 2019-11 section 5 and then choose one of the 3 methods.

https://www.irs.gov/pub/irs-drop/rp-19-11.pdf 

[vikalp77]

Thanks for the document. I read through all the three options.

If I choose option 3, then it gives highest reportable W2 wages. 

Does it mean I will have to correct my W2 as well and report the box 12 wages reprorted under code D, added back to taxable witholding wages?

In other words, I can get QBID on my 401k contribution but I have to loose tax deferal on those. Its one or other. Is it true understanding?

Also any amount eported inder Box 12 , W and DD are not counted as wages for QBID purpose. Is that correct understanding as well?

[RobertB4444]

No, for method three you will take the total of box 1 and the amount coded D, E, F, G or S.  In your example that means adding $37,584 and $22,500 for a total of $60,084.  There is no need to amend the W2.

The amounts coded W and DD are not included.  

@vikalp77