WebHealth Insurance Premiums for a more than 2% shareholder of a S-Corporation are reported in Box 14 of the individual's Form W-2 Wage and Tax Statement.. To get the amount reported in Box 14 to transfer to Line 16 of the individual's Schedule 1 (Form 1040) Additional Income and Adjustments to Income, if you received a Schedule K-1 (Form … Web164 views, 2 likes, 0 loves, 5 comments, 2 shares, Facebook Watch Videos from Pointe FM 99.1: POINTE FM NIGHTLY NEWS (Tuesday 11th April, 2024)
How to enter self-employed health insurance deduction for 2% - Intuit
Webthe greater than 2% shareholder would not be entitled to applicable deductions on their tax return. Health Insurance Premiums If the S Corporation directly pays the health insurance premium, the premium must be reported as compensation and included in box 1 of form W-2 of the shareholder. The amount is not subject to FICA or Medicare tax. WebApr 11, 2024 · Notice 2008-1. In order for the 2-percent shareholder-employee to deduct the amount of the accident. and health insurance premiums, the S corporation must report the accident and health. insurance premiums paid or reimbursed as wages on the 2-percent shareholderemployee’s Form W-2 in that same year. highway asphalt thickness
How To Deduct Your Health Insurance as a 2% Shareholder
WebJan 20, 2024 · Shareholders owning outstanding stock greater than 2% must include any health insurance costs paid through the company as income, according to Internal Revenue Code Section 707 (c) 1, making … WebDec 12, 2024 · There are additional Form W-2 reporting requirements for a greater than 2% shareholder of an S corporation (shareholder) if their health care plan costs are paid by the S corporation. This also includes immediate family members of greater than 2% shareholders of an S corporation. Amounts paid for health, vision, and/or dental … WebIn the 1040 return, more than 2% shareholder's health insurance will NOT flow anywhere from Form W-2. The amount reported as SEHI on box 14, along with the wages in box 5, should be entered on the SEHI screen to calculate the available Self-employed health insurance deduction. highway assembly of god fruitland idaho