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On the 1120s under insurance can I the health insurance
Good morningOn the 1120s under insurance can I the health insurance premium , this is the owner and the only w2 officer of the company… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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If a taxpayer, who is a more than 2% stockholder in an S
If a taxpayer, who is a more than 2% stockholder in an S corp, has their AFLAC health insurance deducted from their gross paycheck, what amount goes into box one on the W-2. Is it the net amount after… read more
Lev
Lev
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I have a client who is an electrician. The used to be taxed
For LaneHi Lane,I have a client who is an electrician. The used to be taxed as an LLC (sole member) For 2018 he elected to be taxes as an S-Corp and all of the proper paper work has been filed. He pai… read more
Lane
Lane
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Doctoral Degree
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I am also asking this same question to you. I wrote this to
I am also asking this same question to you. I wrote this to you once and someone else replied, which is nice, but just in case I am sending this to you, too.I am trying hard to understand the rules ab… read more
DK_CPA
DK_CPA
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If I am a single owner of a S-Corp and I have health
If I am a single owner of a S-Corp and I have health insurance through the MarketPlace, can I deduct that amount on my 1120s as a health insurance expense?… read more
Carter McBride
Carter McBride
LLM
3,218 satisfied customers
I have a client who received a k-1 from S-Corp and they own
I have a client who received a k-1 from S-Corp and they own 40%. One of the boxes or line items from the K-1 notated fringe benefits paid on behalf of shareholder for health insurance premiums. I know… read more
Carter McBride
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I am doing Corp and Pers returns for a client. Corp paid
I am doing Corp and Pers returns for a client. Corp paid Health Insurance for two employees, one a 98.5 % shareholder and other a 1.5% shareholder. Want to make sure deductions and w-2s are correct. F… read more
Mark Taylor
Mark Taylor
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How do medical expenses covered by an S-corp, paid for all
how do medical expenses covered by an S-corp, paid for all employees, flow to the individual for taxation: This is for an LLC, taxed as an S Corp. I deduct medical insurance payments for ALL employees… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Looking answer about deductions, I am an S corp owner in
I am an S corp owner in Delaware. My husband has an LLC. I employ one other employee, my daughter, who is not a shareholder . The corporation paid both of our health insurance premiums, mine in my name and hers in her name which we obtained through the marketplace. Both of us had tax credits. I know that I must include the cost of my health insurance premiums in my wages on my W2 and that they are not subject to medicare and social security tax, but what about my daughter's premiums? Can I deduct hers ? Do I include the cost of her premiums on her W2? Can I deduct them as a fringe benefit on my corporate taxes? Should they go on my W2 since she is my daughter and I will claim her? If I need to do a W2c for my daughter (right now hers just shows wages) in what box on the w2c do I notate the sum of the premiums so that they are exempt from taxes ? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,596 satisfied customers
I'm the owner of a single-member LLC that has elected to be
I'm the owner of a single-member LLC that has elected to be taxed as an S-Corp. I have one employee. In December we started a group health plan to cover both of us. The plan requires that the company … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,870 satisfied customers
Sole shareholder of an S Corp purchased health insurance on
Sole shareholder of an S Corp purchased health insurance on the marketplace for the family. Paid through personal check not through company. Can the payments still be deducted on page 1 of the Form 10… read more
emc011075
emc011075
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Bachelor's Degree
4,267 satisfied customers
I have a client who owns an S corp. They were eligible for
I have a client who owns an S corp. They were eligible for a the health insurance tax credit from form 8941. The info flowed to their k1 and it was put on their 1040. The IRS reduced my clients refund… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,596 satisfied customers
Hi Robin, Question regarding Medicare premiums treated as
Hi Robin, Question regarding Medicare premiums treated as SE Health Insurance deductible on Part 1 of the Form 1040. 1. Please confirm that the spouse's Medicare premiums can not be included in the SE… read more
Phillip B, EA
Phillip B, EA
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Health insurance premium and S corporation. My wife and I work
Health insurance premium and S corporation. My wife and I work in an S corp. I am the 100 % shareholder of the S corp. Will it be beneficial for me to buy health insurance from the business or directl… read more
Barbara
Barbara
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I own an S-corporation. Are my auto fringe benefits and company-paid
I own an S-corporation. Are my auto fringe benefits and company-paid health insurance premiums taxable to me when I file my individual return? They aren't showing up on my W-2. If taxable, do I just p… read more
Phillip B, EA
Phillip B, EA
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I have a client who is a shareholder in an S corp, he has self
I have a client who is a shareholder in an S corp, he has self employed health insurance and is over 65, so he also pays Medicare Part B and his SS...can I add that to page 1 of the 1040 as self emplo… read more
winktax
winktax
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Master's Degree
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I have a client who is a more then 2% shareholder, we have
I have a client who is a more then 2% shareholder, we have beeen deducting after tax $50 a week from his paycheck to pay for health....since he paid $2600 of his health insurance personally do I only … read more
Charles Markham
Charles Markham
Principal
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My S Corp pays for my health insurance. Im the sole owner
My S Corp pays for my health insurance. I'm the sole owner and only employee. In previous years, when the accountant did my W-2, he itemized this cost in box 14 and included it in box 1, then treated … read more
USTaxAdvising
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