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Deductions & credits

Enter the health insurance premiums paid by your S-Corp in the K-1 section of TurboTax.

 

To enter the K-1 from your S-Corp into your personal 1040 return, please follow these steps:

  1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
  2. Under S-corps, Partnerships, and Trusts [in desktop:  Business Investment and Trust Income], click on the Update box next to Schedule K-1
  3. On the Tell Us About Your Schedules K-1 screen, click on the Start/Update box next to S corporations (Form 1120S).  
  4. If you have already entered K-1 SCorp information, you will see the SCorp. K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
  5. If you haven't started enter K-1S information, continue through the screens, entering the requested information.
  6. When you come to the Other Situations screen, mark the box I personally paid health insurance and/or long-term care insurance premiums . . .
  7. On the next screen, Self-Employed Health Insurance, enter your Medicare wages and the health Insurance Premiums you paid personally.

The premiums will show on Schedule 1 of the 1040 as an subtraction to income.

 

 

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