You'll need to sign in or create an account to connect with an expert.
In TurboTax for 1040, enter the W-2 as received. When entering Schedule K-1, continue to the Other Situations page and check the box for "I personally paid health insurance..." Enter your S-Corp wages and the amount of premiums you paid on the Self-Employed Health Insurance page. This entry will carry the premiums to Schedule 1 Line 17.
See also: Can I deduct health insurance premiums as an S Corporation shareholder?
You're suggesting using the step-by-step process, which I don't use. I wanted to know how to directly enter this on the appropriate form?
I did figure out later (as you also note) that to get there using the step-by-step process, you have to do the following somewhat convoluted process:
Go to the Personal category.
Go to the Personal Income subcategory.
Choose the option "I'll choose what I work on"
Find the section labeled Business Investment & Estate/Trust Income.
Click start or update on "Schedule K-1, Schedule Q".
Continue through to the K-1 entry screen.
Enter all of your K-1 information and continue through to the screen labeled Other Situations.
Check the box labeled I personally paid health insurance and/or long term care insurance premiums for myself or my family and this S-Corp paid me wages.
Enter the premiums and your Medicare wages from your W-2.
Why can't TT just allow easier step-by-step access directly to K-1 forms as they're very common.
I later saw that using "Forms" only it would have to be entered on Schedule K-1 (Form 1120S), for those who want to enter it directly.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
JoJoSto
New Member
Catshea
New Member
rompnstompn
New Member
CP01
Level 2
Mark180
Level 2