S Corp Medical - ProSeries Identification Code under Box 14 of W2

[Madeleine]

It would be great if there was a ProSeries Identification Code under Box 14 for S Corp Medical that would add the amount to Box 1 of the W2 automatically.  Currently you have to choose Other and then manually enter it on the K1 worksheet.

[TaxGuyBill]

Huh? Are you preparing the 1040, or are you creating the W-2?

The issuer of the W-2 needs to add it to Box 1, not the preparer of the 1040. When we receive a W-2 from a client, we DON'T add that to Box 1. It should have already been added. If you are adding it when preparing the 1040, you are incorrectly adding income to your clients' tax returns.

[Madeleine]

EDITED

I do not mean to add it to box 1 and I cannot edit the original post.  Thanks to TaxGuyBill for pointing this out.

When you enter the amount in Box 14 on the W2 worksheet you have to choose "Other".  Other goes nowhere in the form and requires manual entry on K1 worksheets that could easily get missed.  If ProSeries could put a code there for it and then let the field on the K1 worksheet have an error it would stop it from being overlooked.

If ProSeries had a code for S Corp Medical it could hopefully then flow through automatically to the other areas it needs to go in the worksheets instead of manual entry needed. 

[TaxGuyBill]

Okay, that makes sense.  But your original post said you wanted it to be added to Box 1, which is wrong.

What you really want is Box 5 to automatically flow to the K-1 worksheet (or at least an error message on the K-1 worksheet).

[Madeleine]

That is correct and I understand now that I wrote the original comment incorrectly.  I do not seem to be able to edit it though or delete it and word it correctly.

[taxbiz2511]

Agree 100% with Madeleine. And it does not automatically adjust social security or Medicare wages. I have been fighting with this for years.

[TaxGuyBill]

@taxbiz2511   Can you clarify what you mean by automatically "adjust" Social Security or Medicare wages?

[taxbiz2511]

Okay, this will probably be more info than necessary:

I am a shareholder officer in a company that pays for my health insurance

The amount of insurance paid by the company is added to my taxable wages, but not to my social security or Medicare wages. It shows in box 14 as SCORP MP or something similar.

I have to manually enter all of the figures on the W-2 worksheet and then manually enter the information on the K-1 worksheet. 

If this item was in the dropdown descriptions for box 14, I would be able to choose "automatically calculate" on the W-2 worksheet and hopefully the program would also carry the information to the K-1.