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Health Insurance Premiums paid by S Corp for >2% owners, where to report?

Munimg
Level 1

How and where to report Health Insurance premiums paid for >2% shareholders

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3 Replies 3
IRonMaN
Level 15

On their W-2


ACME Anvils and Psychiatric Services
dascpa
Level 9

IRonMaN is correct, on their W-2. However, we have all seen where that has not happened: by ignorance, by choice, by whatever.  The obvious correct answer is to issue a corrected  W-2.  We also know that probably won't happen.  So, in these cases you need to add it to the K-1 input on the 1040 Other Income to take to Schedule 1, Other Income. And then on the K-1 worksheet record it as stockholder health insurance. The net effect is the company took the deduction. The stockholder reported it as income and then the stockholder took the self-employed health insurance benefit. A frustrating workaround for an error.

dkh
Level 12

On the Form1120S  or  Form 1040?   

in Form 1040 on Sched K1  section with heading "Final/Amended"  there is a Quickzoom to enter health insurance premiums

and like @IRonMaN says the amount should be in W2