This article will assist you with entering health insurance premiums (W-2) for a more than 2% shareholder in the S-Corporate module of Intuit ProConnect.
You can report health insurance premiums in the following places:
- Somewhere on Form 1120-S
- To the shareholder on Schedule K-1, box 17, code V
- Form W-2, box 14
Choose one of the methods below for instructions on reporting health insurance premiums.
Reporting health insurance premiums on Form 1120-S
There are 3 methods for reporting health insurance premiums on Form 1120-s.
Reporting on Form 1120-S, line 7 - Compensation of officers
- Go to the Input Return tab.
- From the left of the screen, select General and choose Officer Information.
- For each officer, include the premiums in the Officer compensation field.
- Click the plus (+) tab at the top of the screen to add another officer.
Reporting on Form 1120-S, line 12a - Other deductions
- Go to the Input Return tab.
- From the left of the screen, select Schedule K and choose Income and Deductions.
- Scroll down to the Deductions section.
- Click inside of the Other deductions (Click on button to expand) field.
- Select S = Other deductions as the K-1 Code (Click on arrow to select).
- Type in "Shareholder Health Insurance" as the Description.
Reporting health insurance premiums on Schedule K-1, box 17, code V
- Go to the Input Return tab.
- From the left of the screen, select Schedule K-1 and choose Schedule K-1 Misc./Schedule B-1.
- Select the applicable shareholder.
- Locate the Schedule K-1 Miscellaneous section.
- Enter premiums in Health insurance premium reported on W-2 for more than 2% shareholder.
- Use this field even when the shareholder didn't receive form W-2 from the S-corporation.
- This appears on Schedule K-1, box 17 as Supplemental Information.
