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Deductions & credits
Hello @Irene2805 , my situation is a bit different I think but would appreciate your insight.
I am the son of shareholders for a sub-s corp and receive fringe benefits as an employee (w-2) of the s-corp. This is the first year that our accountant has included me in the de-facto "2% shareholder" group and my Simple IRA and health insurance premiums now show as income on my w-2 and need to be entered as an above the line deduction . How do I do this in turbotax home & business 2021 desktop without a K-1? I do not own any shares of the s-corp but I am an officer if it matters. I see lines 16 & 17 of Form 1040 Schedule 1 is where the deductible amounts need to show up.
Thank you for your help,
‎February 5, 2022
6:56 PM