S corp health Insurance

[TAX]

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!

[veritas]

Both are included

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

[TAX]

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!

[veritas]

The health insurance premiums

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.

[TAXNJ]

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 ?

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.

[Burke]

Yes, that is correct.

[veritas]

And the HSA

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.

[Burke]

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.

[veritas]

You are correct

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.