Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- 2% Shareholder Health Insurance - K1?
2% Shareholder Health Insurance - K1?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
kelly6
Level 2
02-06-2022
11:20 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A 2% shareholder is reimbursing themself for their health insurance.
For this example - their compensation was $100k, including $2k of health insurance premium.
This has been correctly reported on their W2 in box 14.
On their 1020S and / or Schedule K1, do I need to break this out anywhere?
Or, do I just include the full $100k as officer's compensation, and not worry about any further breakouts.
For this example - their compensation was $100k, including $2k of health insurance premium.
This has been correctly reported on their W2 in box 14.
On their 1020S and / or Schedule K1, do I need to break this out anywhere?
Or, do I just include the full $100k as officer's compensation, and not worry about any further breakouts.
Labels
1 Comment 1
qbteachmt
Level 15
02-07-2022
01:06 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
One detail that matters, is how did the premium get paid? Another is, was this a Marketplace policy? Medicare? Was it from their payroll as deducted, before or after tax? Was it a spouse's employment coverage and paid "over there?" With pre-tax dollars?
Is it separately reported in Box 14 or12 of the W2?
Details will matter.
Article:
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
