WebAug 2, 2024 · A 2% shareholder -employee of an S corporation, who is otherwise eligible to deduct medical insurance under the above rule, may do so only if the plan providing medical care coverage for that shareholder -employee is established by the S corporation. WebDec 7, 2024 · There is no standard list of W-2 codes for Box 14, so employers can list any description they choose for 2% health premiums including SCORP, SEHLTH, INS, etc. This is the amount the shareholder deducts on Line 16, Schedule 1 (Form 1040) as a self-employed health insurance deduction. WM WISDOM:

Entering health insurance premiums (W-2) for a more than 2% shareholder ...

WebOct 3, 2024 · 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. WebS corp shareholder health insurance premiums can be deducted for those shareholders who own more than 2 percent of the S corp. The IRS rules for employee fringe benefits … potted jackfruit

Can I deduct health insurance premiums as an S Corporation …

WebJan 20, 2024 · However, health insurance for an S-corporation’s team members can be a tricky matter. While S-corp employees can claim tax-free health insurance, … WebChoose to Actions > Enter Transactions, and add a payroll check for the shareholder dated 12-31-2024. Override the amount column of the 2% Shareholder Health pay item with the total amount of the health insurance. Override any other pay and deduction items to be $0.00. FIT will calculate for the payroll check. Override the amount to zero. WebApr 29, 2024 · A 2% shareholder may be eligible for an above-the-line deduction on Form 1040 for all premiums paid by him or on his behalf if the medical coverage was established by and paid for by the S corp and the … pottenstein 6. januar