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Level 1
posted Apr 27, 2021 5:00:11 PM

S-Corp Health Insurance: Report on 1120S?

I'm the sole member of an LLC filing as S-Corp. I have my business pay for my health insurance premiums and I report it in my W-2 wages.

Do I report it as a self-employed health insurance deduction on my 1040?

Do I report it as an employee benefit plan or anything on my 1120S?

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1 Best answer
Level 15
Apr 27, 2021 5:12:11 PM

In the K-1 entry section look for these screens ....

 

 

3 Replies
Level 15
Apr 27, 2021 5:12:11 PM

In the K-1 entry section look for these screens ....

 

 

Level 15
Apr 27, 2021 6:16:15 PM

in practice on the S-corp return, i've included the Health insurance on the same line as wages for the officer.  as per the instructions for line 18.

Level 15
Apr 27, 2021 6:22:54 PM

Ok ... those are as different as  apples and oranges.   The insurance paid by the corp on your behalf  will be included in the box 1 amount on the W-2 that is issued to you and sent to the SS administration.   NOW for the insurance deduction on the form 1040  you must indicate how much of the box 1 amount was the insurance premiums and by entering it  in the K-1 section.