Solved

I received a w2 and k1 from s corp which I am owner.W2 shows medical premiums in box 14. I paid the premiums personally not through the business. How to deduct on 1040?

Forum|Forum|6 years ago
June 1, 2019
1 reply
0 views

No text available

TurboTax Self Employed Online

Best answer by dmertz

After entering your Schedule K-1 (Form 1120S), TurboTax will present a page of Other Situations. Mark the box that says, "I personally paid health insurance and/or long-term care insurances premiums for myself and my family and this S corporation paid me wages." On the page that follows that one, enter your Medicare wages from box 5 of your W-2 from the S corp and enter the premiums that you personally paid. The deduction will appear on Form 1040 line 29.

D

dmertzAnswer

After entering your Schedule K-1 (Form 1120S), TurboTax will present a page of Other Situations. Mark the box that says, "I personally paid health insurance and/or long-term care insurances premiums for myself and my family and this S corporation paid me wages." On the page that follows that one, enter your Medicare wages from box 5 of your W-2 from the S corp and enter the premiums that you personally paid. The deduction will appear on Form 1040 line 29.