New Member

I am self employed.... own 90% of Sub-S corp. Corp files an 1120S with K-1 to me. How can I take deductions for (i) health insurance I pay and (ii) home office expense?

New Member

Business & farm

Typically, owning 90% of a S-corp does not make you self-employed, so you would not be able to take these deductions. Schedule K-1(1120-S) is passive income for your ownership. If you work in the business, you should report a W-2 for time worked in the business (as applicable for all corporate structures).