My health insurance premiums are not shown as a business expense in turbotax

[galaxygrafix]

I input all of my business expenses in Turbotax including health insurance premiums. It seems excluded from my business expenses. Will is show up in a different part of the process?

[Vanessa A]

Self-Employed health Insurance premiums are not included on your return as a business expense.  Instead, they are shown as an above the line deduction on Schedule 1 line 17 and then entered on line 8 as a sum total of all income and adjustments on your form 1040 line 8. 

Just remember, the Self-Employed Health Insurance deduction is limited to your earnings.  Meaning, you cannot deduct more than you earned. 

[DoninGA]

The health insurance premiums will be entered on Schedule 1 Line 17.  The totals from Schedule 1 Part II Line 26 flows to Form 1040 Line 10 as an Adjustment to Income.

[JTM_56]

Hi.  This is for 2024 1120S Taxes.  Our Group Insurance consists of Health, Dental and Life.  I understand that the health insurance premiums are added to Owner salaries >2% and shown on their K1.  The Dental Insurance was left as a company expense, but the "Life Insurance" has disappeared and is not shown on the K1 or as an expense against the company.  Can you explain this please? 

[KristinaK]

If we are talking about medical insurance and life insurance for more than 2% shareholders of an S Corp, then please see the details below. The situation differs for non-shareholder insurances. 

• Medical Insurance (Health and Dental) must be included in the shareholders' wages and reported on their W-2. Then, it is claimed as the above-the-line deduction on the shareholder's individual tax return. 
• It is not reported on Schedule K-1 directly. Only as an expense that will be incorporated into the net income, which will show up in box 1 of the Schedule K-1. 
• Life insurance for a shareholder is not a deductible expense. So, you will not see it as part of the other expenses. However, it needs to be reported on Schedule M-1, line 3b, so that the Accumulated Adjustments Account (AAA) reflects the correct information.