topic Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be? in Business & farm

Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

mlevine133 — Mon, 04 Jan 2021 20:05:52 GMT

On my 2019 1040, my imputed income for my health insurance ($11,554) from my W-2 (line 14) was data inputted as such when I prepared my return using Turbo Tax. My health insurance deduction on Schedule 1 line 16 was $2,853. How come they are not the same?

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

AmeliesUncle — Mon, 04 Jan 2021 23:42:12 GMT

What is in Box 5 of your W-2?

Did you have health insurance through the Healthcare Marketplace, with a 1095-A and qualify for the Premium Tax Credit?

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

mlevine133 — Tue, 05 Jan 2021 11:44:26 GMT

$35,000

No health insurance through the market place

Thanks

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

AmeliesUncle — Tue, 05 Jan 2021 16:08:34 GMT

Do you have any other businesses on your tax return that may be affecting things?

Have you double checked that while in the K-1 section, you checked the box about health insurance AND entered the amount from Box 5 of your W-2 (again, WHILE in the K-1 section).

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

mlevine133 — Thu, 07 Jan 2021 14:22:15 GMT

I have a sch C for some 1099 income. There is nothing on my K-1 about HI. Thanks

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

AmeliesUncle — Thu, 07 Jan 2021 21:45:29 GMT

Did you enter anything about health insurance when entering your Schedule C information? You should not have. If you did, that may be where that amount is coming from.

When entering the K-1 from the corporation, THAT is where you need to be entering the information about health insurance.

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

mlevine133 — Fri, 08 Jan 2021 15:39:02 GMT

No HI was inputed on Sch C

I will take a look at my K-1, I do not think HI was marked on my K-1

Thanks

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

mlevine133 — Fri, 08 Jan 2021 15:47:54 GMT

Question - Where would HI go on the K-1 (1120S) for >2% shareholder? Thanks

Re: Health insurance deduction for S Corp does not match Sch 1 Line 16 amount for 2019. How can that be?

AmeliesUncle — Fri, 08 Jan 2021 15:56:46 GMT

If the health insurance was from the corporation, it is NOT entered as part of Schedule C. Schedule C has nothing to do with the corporation.

Go back through the K-1 section in the program, and look for the check-box about health insurance, then answer the followup questions.