Where in Drake do you make the entry for medical insurance for a more than 2% shareholder. SEHI???
-
-
IN the "General" tab, choose input screen 4.
(You can do that by either clicking on "4 Adjustments" or by simply entering the number "4" in the selector box at the bottom left. You can also type "SEHI" in the selector box. Any of those three steps will work. I like using the selector box because it takes you directly to the SEHI worksheet screen)
If you go to the "Adjustments" screen, Number 29 on that screen is "SEHI".
You will see "SEHI" in blue, which jumps you to a screen to input details to be sure it qualifies."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
income
Do I have to put income on the SEHI screen or will it carry from the k-1?Comment
-
I'm not working on a return with that adjustment right now, but I'm pretty sure it does not carry over from the K-1s input screen. I believe you must manually enter the figure."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
-
other entry
I am thinking there must be another entry to make on the SEHIComment
-
On the SEHI screen, if it is a S-Corp you have to put in their Medicare wages. I do not believe it will make the adjustment until that is entered. I also enter the health insurance paid on that screen. I believe it is the first box.Comment
-
Good point. The FICA wages are not sown on the K-1, and it would be difficult to tie the W-2 entries to the SEHI screen. So a separate entry for that figure would be the only way the system would know. (A direct entry of the amount on the "Form 1040-Adjustments" Data Entry screen will force the number onto the 1040, but you are missing the opportunity to trap any errors by doing it that way)."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
Comment