I am the sole employee/owner of an S Corp that shows a $5000 loss for the tax year. The s corp has reimbursed me $2600 for health insurance premiums I've personally paid over the course of the year. I understand amount of health insurance deduction I can take is limited by my earned income in the W-2 box 3 (FICA) and box 5 (medicare) wages. The amount of the health insurance reimbursement is supposed to be exempt from FICA but included in box 1 taxable wages. Therefore, to deduct all $2600 in health insurance, my box 1 wages should have been at least $5200.
My CPA erroneously created my W-2 with $2700 in box 1, $2600 in box 3 and box 5. Can I still deduct $2600 in health insurance premiums on line 29 of my 1040? Is my $4300 HSA contribution (also reimbursed by the s corp) deductible? Is HSA deduction limited to the W-2 box 3 and 5 wages? I can't find any info online about this, and I'm afraid I don't trust the CPAs judgement at this point (I'll be changing going forward...).
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