Since i own + 2% of a com. i was told to take the insurance amount that the company paid for my health coverage. I would think i should take what came out of my check.

[TaxGuyBill]

Can you clarify what your question is?

Is this an S-corporation that you own more than 2%?
Is this a corporate group insurance policy, or is a private policy?
If a private policy, did the S-corporation pay for the insurance (or reimburse you for the cost)?

You said "what came out of my check", which seems to imply it may be a group corporate policy, and you are paying a pre-tax amount for that.  Is that correct?  If not, please explain.

[jason13]

it is an S-Corp and we have a corporate group policy that the company pays part and i pay part.  Was told to deduct the company part, but that doesn't make sense to me.

[jason13]

the difference on my W-2 in box 1 and box 5 is what i have paid into that policy

[Critter]

You don't deduct it on your personal return anywhere since it was already deducted pre tax ... are you completing the corporate return ?

[jason13]

i am doing my personal return and it shows up in my wages since i own more than 2% of the S corp.  I am supposed to deduct an amount and i'm trying to figure out which one.

[jason13]

the amount i paid in health coverage is in box one

[TaxGuyBill]

Your W-2 is wrong.  As a >2% shareholder, the company-paid amount also needs to be added to box 1.

Once that is done, you can deduct the full amount.

[jason13]

i think you may be on to something.  i think the amount i paid is pre-tax and the amount the company paid is part of box 1 already.  does that logic make sense to you?

[Critter]

Talk to the payroll folks and confirm what is happening.

[Critter]

If you do find it was in your box 1 wages then you get to enter them on this page in the K-1 entry section ... make sure you check the box on a previous screen that you paid health insurance so this one is presented.

[TaxGuyBill]

I agree, if the entire cost of insurance is included in Box 1, you can include the entire amount for the Self Employed Health Insurance deduction (assuming you qualify).