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Entering self-employed health insurance premiums from S corporation Schedule K-1 in ProConnect

SOLVEDby IntuitProConnect Tax10Updated July 13, 2022

This article will assist you with entering self-employed health insurance premiums from an S corporation Schedule K-1 in the Individual module of Intuit ProConnect.

Follow these steps if self-employed health insurance premiums were reported on a W-2:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Wages, Salaries, Tips (W-2).
  3. Enter all W-2 information on this screen.
  4. From the top of the screen, select Less Common Scenarios.
  5. Under the Other Information section, locate the Miscellaneous Information subsection.
  6. Check the box labeled More than 2% shareholder in S corporation.
  7. From the left of the screen, select Income and choose Passthrough K-1's.
  8. Select S-Corp Info (1120S K-1).
  9. Scroll down to the  Part II - Information About the Shareholder section.
  10. Select the appropriate W-2 in the Name or number of W-2 received by greater than 2% owner field.
  11. Enter all other Schedule K-1 information.
  12. From the top of the screen, select Lines 11-17.
  13. Scroll down to the Line 17 - Other Information section.
  14. Enter the applicable amount in the Self-employed health insurance premiums field.
 

The program will include Medicare wages from Form W-2, box 5 in the net income from self-employment calculation. Any excess premiums that don't qualify for a deduction on Form 1040, Schedule 1, line 16 will flow to the Schedule A as an itemized deduction.

Follow these steps if health insurance premiums were not reported on W-2:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Adjustments to Income.
  3. From the top of the screen, select Health Insurance.
  4. Enter the appropriate amount in Premiums not entered elsewhere (excluding long-term care).
  5. Under the Long-term Care Premiums subsection, enter any applicable fields.
  6. Scroll down to the Net Earnings (if multiple businesses) section.
  7. Select 1 = Schedule K-1 (1120-S) in the Form (Click on arrow to select from list) dropdown menu.
  8. Select the applicable activity in Activity name or number.
  9. Enter the Net earnings [Adjust].
  10. Go to the Check Return tab to view the Worksheets.
    • The program will generate a worksheet to calculate the Self-Employed Health Insurance Deduction.
    • The deductible amount will flow to Form 1040, line 29.

To override the SE health insurance deduction:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Adjustments to Income.
  3. From the top of the screen, select Health Insurance.
  4. Locate the SE Health Insurance section.
  5. Enter the SE health insurance deduction [Override].

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