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Trying to figure out where to put hsa expenses on my 1120s…

Customer Question
Trying to figure out...

Trying to figure out where to put hsa expenses on my 1120s and K1

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am a one person S corp. First year with an HSA. Don't know where to report it on 1120S and K1

Accountant's Assistant: Is there anything else important you think the Accountant should know?

And thanks!

Submitted: 1 month ago.Category: Tax
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1/1/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Happy New Year!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response. I will get back to you shortly.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

The corporation's HSA contribution is a tax-free fringe benefit to the employee. Even so, the S corporation must report the contributions it made to the employee's HSA on Form W-2 in box 12, using the code "W." This is for informational purposes only.

Payments on Behalf of You - the More Than 2 Percent Shareholder

Because you are a more than 2 percent shareholder, contributions by your S corporation to your HSA for services rendered are treated as guaranteed payments that your S corporation deducts as compensation to you. For employment tax purposes, the S corporation treats the HSA contributions as wages subject to income tax withholding but exempt from FICA and Medicare taxes. Thus, both you and your S corporation benefit on the FICA and Medicare by having the HSA paid by the S corporation. You, the shareholder-employee, deduct on your individual IRS Form 1040 the HSA payments that your S corporation added to your W-2 income. You complete your Form 1040 just as if you had made the payments personally. After all, that's what really happened when the S corporation included the HSA payments on your W-2.

REFERENCE SOURCE:

http://aspenallan.com/wp-content/uploads/2012/10/Important-Tax-Tips-for-S-Corporations1.pdf

I will check on the Schedule K-1 matter. I will get back to you shortly.

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