I received W2 income and a K-1 from the Sub S company I own. Does the W2 income receive a 20% reduction in income for tax purposes as my K-1 income?

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I received W2 income and a K-1 from the Sub S company I own. Does the W2 income receive a 20% reduction in income for tax purposes as my K-1 income?

No, it does not. You are an employee in terms of the wages on your W-2. The K-1 is your QBI deduction.

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I received W2 income and a K-1 from the Sub S company I own. Does the W2 income receive a 20% reduction in income for tax purposes as my K-1 income?

No, it does not. You are an employee in terms of the wages on your W-2. The K-1 is your QBI deduction.

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