I'm the only shareholder of LLC filing as s-corp & paid via payroll. How should I pay for healthcare (not ACA) & how to report it this year so I get a deduction for 2019?

I am the only shareholder / member of a LLC filing as a s-corp and I am paid a reasonable salary via payroll.

How should I pay for my healthcare (not Affordable Care) & how should I report it this year so that I am able to deduct healthcare for my 2019 taxes?

I have been hearing conflicting things from:

- Paying from business and reporting that cost of healthcare paid on my w2

- Paying from personal and getting a healthcare deduction on my personal

If anyone could offer help that would be the cleanest way to do this, that would be much appreciated!!

216

Intuit Alumni

Jun 6, 2019 1:24:07 AM

If the business is paying the monthly premium, then you would report the amount of health insurance on your W-2 for 2019.

If you are paying for the premiums personally, then the business should reimburse you the amount for 2019, and then you would report that amount on your 2019 W-2.

Level 1

Jun 6, 2019 1:24:08 AM

Thanks Will. Regardless if paid by business or personal, is the premium a deduction on next year's taxes? Also, do I need to report the monthly amount on the w2 each month or can I wait til say the end of the year, December, and put the lump amount of the year's premiums?

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I'm the only shareholder of LLC filing as s-corp & paid via payroll. How should I pay for healthcare (not ACA) & how to report it this year so I get a deduction for 2019?