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D
deirmartin
Level 2
May 21, 2023

S-corp medical insurance deduction

  • May 21, 2023
  • 3 replies
  • 7 views

S-corp 50% owner has business pay his and his wife medical insurance.  It is not on his w-2 and posted on the books as a draw.

Wife is owner of a schedule C hair salon.  Can I enter this into sch. c self-employed health insurance and get an above the line deduction on the 1040?

This topic has been closed for replies.

3 replies

K
kathycpa1
Level 3
May 22, 2023

Yes as long as she has income of equal or greater amount than the health insurance premiums.

 

IRonMaN
IRonMaN
Level 15
May 22, 2023

For starters, S corps don't have draws.  How much was reported as officer wages for the year?

Slava Ukraini!
D
deirmartinAuthor
Level 2
May 22, 2023

$74,000

qbteachmt
qbteachmt
Level 15
May 22, 2023

Whoever prepared the 1120S did it wrong. And the amount of distribution for a 50% shareholder affects the other shareholder, so that is the second error.

Doing it properly allows the S Corp this as an expense (deduction). The reporting on the W2 makes it income to the shareholder, who then can include it in the SE business for expense.

All of which is what should be happening.

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