How to claim taxes on S Corp Owner health insurance premium

[ntchandra]

How to claim taxes on S Corp Owner health insurance premium (W2- Box 14)?

[DawnC]

Did you get a K-1 as well as the W-2 from the S-Corp?   If so, follow the instructions in this TurboTax FAQ.  

You may be able to use the Self-Employed Health Insurance (SEHI) deduction if you're at least a 2% shareholder in an S corporation. 

To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.   The S corporation can either purchase the policy in your name or reimburse you for the premiums you paid. 

Claiming the SEHI deduction is generally more advantageous than claiming an itemized deduction.   To claim the SEHI deduction in TurboTax, you will need your W-2 and the K-1 that the S corporation sent to you.