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null289
New Member

Self employed health insurance deduction line 29...My business is a corporation which deducts the health insurance expense from gross income but applies same to my gross income on the w-2. My accountant advised that I can deduct the premiums on line 29 o

 
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GeoffreyG
New Member

Self employed health insurance deduction line 29...My business is a corporation which deducts the health insurance expense from gross income but applies same to my gross income on the w-2. My accountant advised that I can deduct the premiums on line 29 o

Presumably you are talking about an S-Corporation, correct?  Although you did not state that fact explicitly in your question, we make this assumption because you mention that you are self-employed, and that your business is organized as a corporation.  This would seem to preclude the possibility of your business being a Schedule C entity.

However, both S-Corporation and Schedule C filers have the ability to deduct self-employed health insurance premiums costs; your accountant is indeed correct on this point.  It's just that the data entry pathways are different for Schedule C filers and those with a Schedule K-1 for an S-Corporation.  We will proceed under the assumption that you have an S-Corporation, and thus provide that set of instructions below.

To enter Health Insurance Premiums you paid as a 2% or greater Self-Employed S-Corporation member, you should perform the following steps:

  • Sign into your TurboTax online account and start working anywhere on your return; or launch your TurboTax desktop file
  • Click the continue button if prompted to do so
  • Locate the Find / Search box in your TurboTax screen, which is often found in the the upper-right hand corner
  • Type in the exact search term "K-1" (without quotations) and then click the button
  • Click Jump To link for K-1 that should appear beneath
  • Proceed in the TurboTax sub-interview until you see to option to Update or Add a K-1 for S-Corp
  • If you have already entered your S-Corp K-1, then click Edit; if you have not then click Add
  • Enter all of the applicable information for your S-Corp, until you reach the "Other Situations" screen
  • Check the box next to the choice for "I personally paid health insurance . . ."
  • Click Continue until you reach the Self-Employed health Insurance screen.  Here you can enter the amounts you paid for health insurance as an S-Corp owner

In addition to these text instructions, please refer to the several attached screen-capture images below for a visual guide; simply click the pictures to open.

Thank you for asking this important question.

View solution in original post

2 Replies
GeoffreyG
New Member

Self employed health insurance deduction line 29...My business is a corporation which deducts the health insurance expense from gross income but applies same to my gross income on the w-2. My accountant advised that I can deduct the premiums on line 29 o

Presumably you are talking about an S-Corporation, correct?  Although you did not state that fact explicitly in your question, we make this assumption because you mention that you are self-employed, and that your business is organized as a corporation.  This would seem to preclude the possibility of your business being a Schedule C entity.

However, both S-Corporation and Schedule C filers have the ability to deduct self-employed health insurance premiums costs; your accountant is indeed correct on this point.  It's just that the data entry pathways are different for Schedule C filers and those with a Schedule K-1 for an S-Corporation.  We will proceed under the assumption that you have an S-Corporation, and thus provide that set of instructions below.

To enter Health Insurance Premiums you paid as a 2% or greater Self-Employed S-Corporation member, you should perform the following steps:

  • Sign into your TurboTax online account and start working anywhere on your return; or launch your TurboTax desktop file
  • Click the continue button if prompted to do so
  • Locate the Find / Search box in your TurboTax screen, which is often found in the the upper-right hand corner
  • Type in the exact search term "K-1" (without quotations) and then click the button
  • Click Jump To link for K-1 that should appear beneath
  • Proceed in the TurboTax sub-interview until you see to option to Update or Add a K-1 for S-Corp
  • If you have already entered your S-Corp K-1, then click Edit; if you have not then click Add
  • Enter all of the applicable information for your S-Corp, until you reach the "Other Situations" screen
  • Check the box next to the choice for "I personally paid health insurance . . ."
  • Click Continue until you reach the Self-Employed health Insurance screen.  Here you can enter the amounts you paid for health insurance as an S-Corp owner

In addition to these text instructions, please refer to the several attached screen-capture images below for a visual guide; simply click the pictures to open.

Thank you for asking this important question.
null289
New Member

Self employed health insurance deduction line 29...My business is a corporation which deducts the health insurance expense from gross income but applies same to my gross income on the w-2. My accountant advised that I can deduct the premiums on line 29 o

Thank you GeoffreyG...you are correct it is an S Corp.....appreciate your help.

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