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C
Crisgps
Level 2
February 13, 2020

shareholder health insurance

  • February 13, 2020
  • 2 replies
  • 8 views

How to flow from 1120 s to 1040.  2% SH pays his own health insurance.  Takes distributions and the amount of insurance is entered on line 12 dd of w 2.  does the SH pick this up as income in the 1040 and puts amount of HI on above the line deduction self employed HI?

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    2 replies

    abctax55
    abctax55
    Level 15
    February 13, 2020

    Are the medical insurance premiums included in box 1 on the W-2?

    HumanKind... Be Both
      itonewbie
      itonewbie
      Level 15
      February 13, 2020

      Something is not right.  The health insurance premium paid for, on behalf of, or reimbursed to the 2% shareholder must be included in Box 1 as taxable wages although it should be excluded from FICA/FUTA wages.

      On that basis, the premium should be reported in Box 14 rather than Box 12 with Code DD.

      If it's done right, the premium is deductible above the line for 2% shareholder-employees.

      To qualify for this tax treatment, your client cannot simply take a distribution and pay for the premium.

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