Question

S Corp 2% shareholder health box 14

Forum|Forum|5 years ago
February 23, 2021
3 replies
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S Corp greater than 2% shareholder with shareholder health paid by the company - correctly reported on W-2 as wages and in Box 14. How do I enter the insurance piece in TT in order to get my deduction?

M

MinhT1

As a greater than 2% shareholder of a S-Corp, your health insurance premiums are deductible as Self-employed health insurance.

You can enter your health insurance costs when entering your form K-1.

Revisit your K-1 entry until you get to the page Describe this Partnership. Check the box I personally paid health insurance and/or long-term care insurance premiums for myself and my family. and click Continue. On the next page, you can enter your health insurance premiums which will be transferred to Part II line 16 of Schedule 1 of form 1040.

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K

KonaCat12Author

This is the case even though the owners don't pay their own health insurance?

M

MinhT1

Yes, as these premiums have been included in wages and taxed on your form W-2.

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D

drkkngt1

Where do I enter this for tax year 2021? The K1 entry for Turbotax Home and Business doesn't contain an entry point for claiming the deduction for health insurance premiums, health expenses or long term care premiums. In every year previously I have been able to enter this info, but there is no apparent place to do so for the 2021 tax year version.

S

samcalhoun828

What "Category" should I choose in Box 14 if I have 'Shareholder's Health Insurance Premiums' to deduct?