You'll need to sign in or create an account to connect with an expert.
Yes, the health insurance premiums you pay may be an AGI deduction if your S corporation reimburses you for the premiums and includes them in your W-2 (see below), however the health insurance paid by your spouse may qualify for an itemized deduction, click here for the 2016 IRS publication 535, Business Expenses, chapter 6. Insurance, which states: "For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. You can either pay the premiums yourself or the S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 in box 1 as wages to be included in your gross income. Otherwise, the insurance plan won’t be considered to be established under your business."
Yes, the health insurance premiums you pay may be an AGI deduction if your S corporation reimburses you for the premiums and includes them in your W-2 (see below), however the health insurance paid by your spouse may qualify for an itemized deduction, click here for the 2016 IRS publication 535, Business Expenses, chapter 6. Insurance, which states: "For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. You can either pay the premiums yourself or the S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 in box 1 as wages to be included in your gross income. Otherwise, the insurance plan won’t be considered to be established under your business."
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
joncab4
New Member
Jisooh123
New Member
lettersnumbersdashesaunderscores
Level 1
MyCrai
New Member
psfcadd_1
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.