If the corporation paid for life insurance to insure your life, that's just not a deduction on your personal tax return. It most likely was a deduction for the S-Corp, provided the S-Corp is the beneficiary of the policy. It's listed in box 17 so that the S-Corp itself can show the deduction, and what the deduction was for.
@TaxGuyBill what other factors am I most likely missing/forgetting on this?
