I am a 51% owner of an S-corp which allows me to claim my health insurance & my spouses as a deduction on line 29 of my 1040. How do I enter this using Turbo Tax?
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I am a 51% owner of an S-corp which allows me to claim my health insurance & my spouses as a deduction on line 29 of my 1040. How do I enter this using Turbo Tax?
I am a 51% owner of an S-corp which allows me to claim my health insurance & my spouses as a deduction on line 29 of my 1040. How do I enter this using Turbo Tax?
The health insurance premiums for S-corporation shareholders is entered with the K-1.
After going through the S-Corp K-1 interview screens, there will be a final screen that says "Other Situations".
Click on the option " I personally paid health insurance and or other long-term care insurance premiums for myself and my family and the S-Corp paid me wages".
On the subsequent screen, TurboTax will provide a field for Medicare Wages from box 5 of your W-2 and a field for the premiums recorded in box 14.