Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
1/1/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,642
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

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.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months 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.

Ask Your Own Tax Question
Was this answer helpful?
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Certain fringe benefits are non-taxable per IRS rules. One
Certain fringe benefits are non-taxable per IRS rules. One example of this is dependent care assistance. Per the IRS: "Dependent care assistance Exempt(3) up to certain limits, $5,000 ($2,500 for marr… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
A Schedule K-1 has been received. Beneficiary share of
A Schedule K-1 has been received. Beneficiary share of fiscal year deductions reported in box 11A. 2017 returned has been filed and an amended return must be filed. Where do I get the detailed instruc… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Do you offer assistance with Form 1040-ES? These are
these are estimated quarterly taxes for this year 2018 … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
On form 1040 line4 21 other income. is this where i should
on form 1040 line4 21 other income . is this where i should enter an amount shown from my pensiopn payments form 1099R … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
103 satisfied customers
Schedule K-1, Form 1041. Sorry. On Schedule K-1, Form 1041.
Sorry. On Schedule K-1, Form 1041. Line 14 Other Information: H, the amount is in parenthesis, does this mean it is a negative $amount. … read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
Tax exempt Minister receives a salary on a w-2 box 1 filled
Tax exempt Minister receives a salary on a w-2 box 1 filled out. Minister also receives a housing allowance of $30,000. What part of the housing allowance can become taxable to income? Does the excess… read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
103 satisfied customers
I am trying to enter information from a schedule K-1 form
I am trying to enter information from a schedule K-1 form into turbotax it is asking me to enter code P detail. On my information sheet for box 12, code P the wording is different from what turbo tax … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Tax question: If I filed form 1040 online and it was
Tax question: If I filed form 1040 online and it was accepted and afterwards I filed form 4868 and it says accepted, does this extend the FBAR? Please provide IRS references. Thanks! Jonathan Wyman, C… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
I received a Schedule K-1 Form 1041 for 2017. Do I need to
I received a Schedule K-1 Form 1041 for 2017. Do I need to file this with my 2017 tax return? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,642 satisfied customers
I received a schedule k-1 (form 1065) this year as an
i received a schedule k-1 (form 1065) this year as an individual partner and a '2017 supplemental information' sheet. do i just submit this info with my tax return. do i need to include any of the inf… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
I received a Schedule K-1 for a investment that is held
I received a Schedule K-1 for a investment that is held within my IRA Account. I was informed by the issuing LP that I need to file a form that replaces the need to put the information from the K-1 on… read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
103 satisfied customers
On my w-2 form box 10/ dependent care benefits/ it has
on my w-2 form box 10/ dependent care benefits/ it has 60.00. I do not have dependents. did someone make a mistake in filling out my w-2? how do I fix this? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,642 satisfied customers
I see Form 1040 is for misc income. Does that activate a
I see Form 1040 is for misc income. Does that activate a self employment as? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
I have 2 W-2 forms entered into my taxed. I have 2 W-2 forms
I have 2 W-2 forms with very similar income and withholding entered into my turbo tax program. After I entered the second w-2 (again, similar income and withholding) the amount of my refund is significantly less. Why is that? … read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
228 satisfied customers
I received a W-2 form from Lina Benefit that is different
I received a W-2 form from Lina Benefit that is different from the one I received from the company from which I receive disability payments. What is the correct amount to enter on my 2017 tax form? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
FICA payroll employer tax withholding tax forms W-4 and W-2
FICA payroll employer tax withholding tax forms W-4 and W-2 forms. The accountant for the man I worked for from1976-1984 did not provide me with W-4 forms to complete and return to him or W-2 forms to… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x