I am trying to figure out the answer to where an S-corp shareholder claims the new health care credit on his personal return. I know his premiums do not count towards the credit calculation; that is not my question. When I calculate the credit on Form 8941 on the 1120S, the credit goes on the K-1, line 13, code P. However, where does the shareholder/owner get the tax credit on the 1040? It would seem unfair to eliminate the credit entirely for S-corporations. I called IRS and they told me they could not answer the question until after January 26, when the K-1 is final. My only guess would be Line 53 on the 1040...but if you have anything on that line, you cannot e-file the return. The fact that there is no clear guidance on this issue is baffling to me. No one seems to know. I'm hoping you do. Maybe Form 3800? If you look at Form 8941, line 16, it says, "Partnerships and S-corporations stop
here and report this figure on Schedule K. All others ..."
here and report this figure on Schedule K. All others ..."
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