Unfortunately, TurboTax Deluxe doesn't support Schedule K-1. You would need to upgrade to the Premier version to make that entry. You can upgrade by going to the K-1 section of TurboTax Deluxe.
Once you have upgraded, you will find the self-employed health insurance deduction for S-Corp shareholders as follows:
- Go to the Federal Taxes category.
- Go to the Wages and
Income category.
- Choose the option
"I'll choose what I want to work on".
- Find the section labeled, "Other Business Situations" and click start on the line labeled "Schedule K-1, Q".
- Answer yes on the first screen, and choose S corporations (Form 1120S) on the second screen by clicking start (or update).
- Enter all of your S-Corp information and continue through until you reach a screen labeled "Other Situations".
- Check the box on the item labeled "I personally paid health insurance and/or long-term care insurance premiums for myself and my family and this S corporation paid me wages" and hit continue.
- Enter the amount from box 5 of your S-Corp W-2, and your health insurance premiums. Click continue and make any other necessary entries.
