Slef-employed health insurance

9 replies
70 views

Hello,

For self-employed S crop, if I am the only owner, is it the same to deduct self-employed health insurance in either S-Corp or form 1040?

Thank you!

Lacerte Tax

This topic has been closed for replies.

IRonMaNAnswer

Level 15

So does it mean:

If it is not included in W-2, then deduct in S Corp;

If it is included in W-2, then deduct in 1040.

But when I searched online, a lot of people say if it is included in W-2, then it can be deducted in both S-corp and 1040. I am so confused.

You can't deduct it on the 1120S in either case. It is only deductible on the 1040 if it was added to their W-2.

Slava Ukraini!

IRonMaN

Level 15

It needed to be added back to your W-2 in order to be deducted on the 1040.

Slava Ukraini!

M

misskeikoAuthor

Level 4

Hello,

I have 2 questions.

1. How can I decide if it's included in W-2.

2. If it is in W-2, does it mean I can deduct in both 1040 and S-Corp?

Thank you!

IRonMaN

Level 15

As far as number 1 goes, usually if you have to ask that question, it isn't included.

If it was added to W-2 wages, then you back of the insurance and don't deduct it on the 1120S. Since we aren't dealing with an ice cream shop, you don't get to double dip once on the 1120S and again on the 1040.

Slava Ukraini!

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