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Using Turbo Tax business for my S Corp.

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?   

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5 Replies

Using Turbo Tax business for my S Corp.

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

Using Turbo Tax business for my S Corp.

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. 

Using Turbo Tax business for my S Corp.

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

Using Turbo Tax business for my S Corp.

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?

Using Turbo Tax business for my S Corp.

That would be input on Form 1125-E, if at all.

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