K-1 box 17 code W, shareholder wages. Is this new? Will this be reported as income on my personal taxes also? Tax has already been paid and reported on the W2.

royale_phoenix · ‎June 6, 2019

Previous year K-1 didn't show wages paid to shareholders. Box 17 code W now shows wages. Will this amount be included as income on personal taxes? Taxes have been reported on the W2, I don't want to get taxed twice.

MinhT · ‎June 6, 2019

No, box 17 code W means Section 199A wages. It is reported on the K-1 for the calculation of the QBI (Qualified Business Income) deduction. This amount will NOT be added to your income on your tax return.

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MinhT · ‎June 6, 2019

No, box 17 code W means Section 199A wages. It is reported on the K-1 for the calculation of the QBI (Qualified Business Income) deduction. This amount will NOT be added to your income on your tax return.

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K-1 box 17 code W, shareholder wages. Is this new? Will this be reported as income on my personal taxes also? Tax has already been paid and reported on the W2.