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February 28, 2021
Question

Federal-State wages on Schedule K-1 are different

  • February 28, 2021
  • 1 reply
  • 0 views

How do I report Schedule K-1 wages on a state tax return when the values are not the same?  Turbo Tax indicates that my state wages are less than my Federal wages.  Do I override the AGI and if so, by how much?

    1 reply

    February 28, 2021

    My K-1s also so a distribution of "wages" for all employees, not just the corp. holers W-2 amounts.  I don't understand that?  Why would the K-1 show ALL of the wages when the shareholder's portion was much less.

    rpuhallaAuthor
    March 2, 2021

    Sorry.  I cannot help you with your question.  I own a partnership with no employees and no W-2s; just Schedule K-1s for my wife and I.  Good Luck.