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    S corp health Insurance

    Client - Scorp - paid Health Insurance premium and also made contribution for HSA from S corp

    I know that Premium is included on W-2.

    But what about contributions made from S corp for shareholder (more than 2%)?

    Thanks!

    #2
    Both are included

    as taxable income. Neither is subject to FICA or FUTA.

    Comment


      #3
      Originally posted by veritas View Post
      as taxable income. Neither is subject to FICA or FUTA.
      So include contribution in W-2 (Box 1) and then deduct on 1040 page 1? Can I treat contributions as distribuiton?

      Thanks!

      Comment


        #4
        The health insurance premiums

        Originally posted by TAX View Post
        So include contribution in W-2 (Box 1) and then deduct on 1040 page 1? Can I treat contributions as distribuiton?

        Thanks!
        and the HSA contributions are deducted on the corporate return as wages. They are included in box 1 of the W2. And then deducted on form 1040 as an adjustment from gross income.

        Comment


          #5
          as self employed health insurance deduction line 29 ?

          are the health insurance premiums included on the w-2 paid by the s-corp, reported on the 1040 as self employed health insurance deduction line 29 ?


          Originally posted by veritas View Post
          and the HSA contributions are deducted on the corporate return as wages. They are included in box 1 of the W2. And then deducted on form 1040 as an adjustment from gross income.
          Always cite your source for support to defend your opinion

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            #6
            Yes, that is correct.

            Comment


              #7
              And the HSA

              Originally posted by SAMMY View Post
              are the health insurance premiums included on the w-2 paid by the s-corp, reported on the 1040 as self employed health insurance deduction line 29 ?
              contributions are deducted on line 25.

              Comment


                #8
                Sorry, don't have a current tax form 1040 in front of me. Whichever line says "self-employed health insurance deduction" is where it goes.

                Comment


                  #9
                  You are correct

                  Originally posted by Burke View Post
                  Sorry, don't have a current tax form 1040 in front of me. Whichever line says "self-employed health insurance deduction" is where it goes.
                  Line 29 is the correct for Self Employed Health Insurance.

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