If you meet the test for a "more than 2% shareholder" because of the family relationship, you should receive a W-2 from the S Corp reporting box 1 wages equal to your portion of health insurance premiums and that same amount in box 14 of the W-2. The W-2 will not report box 3 or box 5 wages, however, because this compensation is not subject to payroll taxes. As a result, the W-2 with only the medical insurance compensation will not enable you to take the deduction for self-employed health insurance.
Unless you have other box 5 wages from this S Corp for as much as your medical insurance premiums, or there is at least that much K-1 income from this S Corp reported on your tax return by a family member who does receive a K-1 from this S Corp, you will not receive a deduction for self-employed health insurance. Instead, you medical insurance premiums would only be deductible as medical expense on Schedule A.
@roadkill
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