Tax Year Prior to 2020: S corp health insurance

jsook31 — Thu, 18 May 2023 18:02:34 GMT

I am a single owner of S corporation. My s corp have paid out health insurance premium throughout the year. while I am doing s corp business tax return, I found out that health insurance premium paid by s corp grosses up owners compensation. and I learned that I can deduct that amount on my personal return on 1040.

but my w2( I received 2019 w2 form and I am using payroll service) doesn't reflect that.

is it going to cause a problem when I do my personal tax?

thank you in advance

Re: S corp health insurance

WKins2 — Fri, 31 Jan 2020 16:19:11 GMT

Yes it is. In order to claim the insurance on your personal return, the premiums need to be reported on your W-2. You can contact your payroll service company and ask them to create a W-2C (a corrected W-2) and report the insurance premiums on the W-2, that way you can claim the premiums on your return.

topic Tax Year Prior to 2020: S corp health insurance in Business & farm

Tax Year Prior to 2020: S corp health insurance

Re: S corp health insurance