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Business & farm
Ok ... those are as different as apples and oranges. The insurance paid by the corp on your behalf will be included in the box 1 amount on the W-2 that is issued to you and sent to the SS administration. NOW for the insurance deduction on the form 1040 you must indicate how much of the box 1 amount was the insurance premiums and by entering it in the K-1 section.
‎April 27, 2021
6:22 PM