Health insurance deduction for S Corp does not mat...
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mlevine133
New Member

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

On my 2019 1040, my imputed income for my health insurance ($11,554) from my W-2 (line 14) was data inputted as such when I prepared my return using Turbo Tax.  My health insurance deduction on Schedule 1 line 16 was $2,853.  How come they are not the same?
8 Replies
AmeliesUncle
Level 11

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

What is in Box 5 of your W-2?

 

Did you have health insurance through the Healthcare Marketplace, with a 1095-A and qualify for the Premium Tax Credit?

mlevine133
New Member

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

$35,000

No health insurance through the market place

Thanks

AmeliesUncle
Level 11

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

Do you have any other businesses on your tax return that may be affecting things?

 

Have you double checked that while in the K-1 section, you checked the box about health insurance AND entered the amount from Box 5 of your W-2 (again, WHILE in the K-1 section).

 

 

mlevine133
New Member

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

I have a sch C for some 1099 income.  There is nothing on my K-1 about HI.  Thanks

AmeliesUncle
Level 11

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

Did you enter anything about health insurance when entering your Schedule C information?  You should not have.  If you did, that may be where that amount is coming from.

 

When entering the K-1 from the corporation, THAT is where you need to be entering the information about health insurance.

mlevine133
New Member

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

No HI was inputed on Sch C

I will take a look at my K-1, I do not think HI was marked on my K-1

Thanks

mlevine133
New Member

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

Question - Where would HI go on the K-1 (1120S) for >2% shareholder? Thanks

AmeliesUncle
Level 11

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

If the health insurance was from the corporation, it is NOT entered as part of Schedule C.  Schedule C has nothing to do with the corporation.

 

Go back through the K-1 section in the program, and look for the check-box about health insurance, then answer the followup questions.

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