Entering Health Insurance Premiums (W-2) for more than 2% Shareholder in an S-Corporation.
Health Insurance Premiums are normally reported in each of the following areas:
- Somewhere on Form 1120S
- To the shareholder on Schedule K-1 Box 17 code V
- Form W-2, box 14
Reporting Health Insurance Premiums on Form 1120S (Choose one method):
- To report on Form 1120S Line 7, Compensation of Officers:
- Go to Screen 2, Officer Information.
- For each officer, include the premiums in Officer Compensation.
- To report on Form 1120S Line 19, Other deductions:
- Go to Screen 15, Deductions.
- Scroll to the Deductions section Enter premiums in Insurance.
- To report on Form 1120S Schedule K Line 12a, Other deductions:
- Go to Screen 20, Income and Deductions.
- Scroll to the Deductions section.
- Go to the Other deductions (Ctrl+E) field and press Ctrl+E.
- Select a K-1 Code of S=Other deductions.
- Enter a Description of "Shareholder Health Insurance".
- Enter the premiums.
Reporting Health Insurance Premiums on Schedule K-1:
- Go to Screen 36, Schedule K-1 Miscellaneous.
- In the left navigation column, Select the Shareholder.
- Enter premiums in Health Insurance Premium reported on W-2 for more than 2% Shareholder (code 7) Note: Use this field even when the shareholder did not receive form W-2 from the S-corporation.
This appears on Schedule K-1, box 17 as Supplemental Information.
Note: In 2013, changed to code V.
Reporting Form W-2, Box 14: See Entering W-2, Box 14 in the Individual Module
Note: Lacerte does not generate Form W-2.