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?
You'll need to sign in or create an account to connect with an expert.
Check Line 7 of your 1120-S in Forms Mode.
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.
If you right-click in that field you should get a menu option, one of which is Data Source.
I just figured it out. I had put a "fringe benefit" for medical expenses that I had my company pay on my behalf and it inflated as wages.
I got a 1095A form for all of my health insurance premiums I paid in 2020. Should I just report that on my personal return or show it as an Employee Benefit Program on line 18 of the 1120S?
That would be input on Form 1125-E, if at all.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
aswadhama
New Member
usertraci_ching
New Member
VRF
New Member
Cparker619
New Member
GHC
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.