As a greater than 2% shareholder of a S-Corp, your health insurance premiums may be deductible as Self-employed health insurance.
To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.
Revisit your K-1 entry until you get to the page Describe this Partnership. Check the box I personally paid health insurance and/or long-term care insurance premiums for myself and my family. and click Continue.
On the next page, enter only your Medicare Wages (box 5 of your form W-2), but do not enter your Marketplace premiums here. The Marketplace premiums are entered in the 1095-A section.
Then revisit the entry of your form 1095-A.
After entering your form 1095-A, you will come to a page titled Let us know if these situations apply to you?. Put a checkmark on I'm self-employed and bought a Marketplace plan and click Continue.
On the next page Which business was associated with this policy?, put a checkmark on Income from my S-Corporation and choose your S-Corp and the beginning and ending months of activity of your S-Corp.
Please note that the premiums are deductible only if you are a more than 2% shareholder of your S-Corp and you receive a form W-2 from your S-Corp, and they are deductible only up to the amount of your share in the profit of the S-Corp as reported on your K-1.
Please read this TurboTax Help article for more information.
@MegaX8
[Edited 3/25/24 | 11:28 AM PST]
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