378141
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

khainau
New Member

I own a C corp and will file a separate return. I also have a w2 from my business i can use to file my personal return. How can i adjust my income for medical premiums?

I would like to be able to claim my health insurance premiums as an adjustment to income instead of medical expense that needs to exceed 10% of AGI. I believe if classify myself as self employed then i can adjust my income but i will file a separate return for my Corp i want sure if i can file my personal return as self employed.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I own a C corp and will file a separate return. I also have a w2 from my business i can use to file my personal return. How can i adjust my income for medical premiums?

If there is a C corporation and it did business, Form 1120 must be filed.

If you received a W-2 from the C corporation, then you must report the income you received on the W-2.

Unfortunately, given the situation as you described, you are not considered to be -self-employed and are not eligible for the self-employed health insurance deduction.

To utilize the self-employed health insurance deduction, you must be one a sole proprietor; a partner in a partnership where your earnings are subject to self-employment tax, or a 2% or more owner in an S corporation and received a W-2 from the S corporation.  A C corporation does not qualify.

See IRS Publication 535.

The following is an extract from that publication. 

One of the following statements must be true.
You were selfemployed and had a net profit for the year reported on Schedule C (Form 1040), Schedule CEZ (Form 1040), or Schedule F (Form 1040).

You were a partner with net earnings from selfemployment for the year reported on Schedule K1 (Form 1065), box 14, code A.

You used one of the optional methods to figure your net earnings from selfemployment on Schedule SE.
You received wages in 2016 from an S corporation in which you were a morethan2% shareholder. Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W2.

https://www.irs.gov/uac/about-publication-535



**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question