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tandr83
New Member

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

 
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Critter
Level 15

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Due to the rules that changed a couple years ago you MUST have a W-2 for the wages and the health insurance payments MUST be included in box 5... so if you may have been doing it incorrectly ... see these screens ...

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8 Replies
Critter
Level 15

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Did you get a W-2 and was the health insurance you paid included in the box 1 amount ?  
tandr83
New Member

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

No it is in box 14 Other - S-corp 9444.00, because we have a partner and his is less, we have to take the lesser amount in the S-corp.  but I have always been able to then take the whole amount I have paid on line 29, but it is not doing that now
Critter
Level 15

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Do you get a W-2 at all from that company  ?
tandr83
New Member

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Yes I get a W2 and yes it is included in block 1, also as health ins prem box 17 I am a 50% owner.  But is a partial reimbursement amount because my partner pays less than we do and we only reimburse as the lower amount.  I should be able to put the whole amount that I pay on line 29 and Turbo Tax is only putting the lessor amount
TaxGuyBill
Level 9

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

No, you are limited to the amount the the corporation pays for (which should be the same amount that is added to Box 1 of the W-2).
Critter
Level 15

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Due to the rules that changed a couple years ago you MUST have a W-2 for the wages and the health insurance payments MUST be included in box 5... so if you may have been doing it incorrectly ... see these screens ...

Anonymous
Not applicable

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

it is very possible the S-Corp return was prepared inaccurately.  the premiums for health insurance paid by the S-Corp for each 2%+ shareholder should have been reported as compensation on line 7 or 8.  in addition the premiums should have been reported as part of gross wages box 1 on the W-2's (specifically allocated).  also reported in box 14. 



       from 2017 1120-s instructions

lines 7 and  8

Include fringe benefit expenditures made on behalf of officers and employees owning more than 2% of the corporation's stock. Also report these fringe benefits as wages in box 1 of Form W-2. Don't include amounts paid or incurred for fringe benefits of officers and employees owning 2% or less of the corporation's stock.These amounts are reported on line 18.

report amounts paid for health insurance coverage for a more-than-2% shareholder (including that shareholder's spouse, dependents, and any children under age 27 who aren't dependents) as an information item in box 14 of that shareholder's Form W-2. A more-than-2% shareholder may be allowed to deduct such amounts on Form 1040, line 29. To find out if the shareholder can claim this deduction, see Self-Employed Health Insurance Deduction in chapter 6 of pub 535


fringe benefits includes health insurance.  


if the health insurance was not handled as described above, the only deduction allowed for it would be as a schedule A medical expense. 

Critter
Level 15

S-corp K-1 line 17 for self empl health ins shows 9,444 that I was reimb, but I actually paid 18,056 for health prem, but it only puts the 9444 on line 29, not the 18,056

Ok ... if you completed these screens correctly in the K-1 entry section you should get the desired deduction on line 29 : 

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