In Turbotax Deluxe - no information from K-1 gets transferred to line 29 of 1040 for an S-Corp shareholder's health care premium

[Phillip1 · Accepted solution]

Unfortunately, TurboTax Deluxe doesn't support Schedule K-1. You would need to upgrade to the Premier version to make that entry. You can upgrade by going to the K-1 section of TurboTax Deluxe.

Once you have upgraded, you will find the self-employed health insurance deduction for S-Corp shareholders as follows:

1. Go to the Federal Taxes category.
2. Go to the Wages and Income category.
3. Choose the option "I'll choose what I want to work on".
4. Find the section labeled, "Other Business Situations" and click start on the line labeled "Schedule K-1, Q".
5. Answer yes on the first screen, and choose S corporations (Form 1120S) on the second screen by clicking start (or update).
6. Enter all of your S-Corp information and continue through until you reach a screen labeled "Other Situations".
7. Check the box on the item labeled "I personally paid health insurance and/or long-term care insurance premiums for myself and my family and this S corporation paid me wages" and hit continue.
8.  Enter the amount from box 5 of your S-Corp W-2, and your health insurance premiums. Click continue and make any other necessary entries.