Health insurance

[TAX SURGEON]

Good Evening All


I have a client that has a 1120S pays her self W2 , How does she go about setting ,up health care plan. for her and her 21 daughter that is in college looking for the most economical way. Any advice would be greatly appreciated


Thank You
J. Curley

[Burke]

Are you asking who has the most economical health plan? Or if there is a tax benefit? If client is a more-than-2%-owner of the S-Corp, the plan can be an individual plan covering all family members, and the SCorp can pay the premiums. However, they must be added to Box 1 of her W-2 as compensation, and then she deducts them personally on Form 1040, line 28, as SEHI.

[TAX SURGEON]

Both

Are you asking who has the most economical health plan? Or if there is a tax benefit? If client is a more-than-2%-owner of the S-Corp, the plan can be an individual plan covering all family members, and the SCorp can pay the premiums. However, they must be added to Box 1 of her W-2 as compensation, and then she deducts them personally on Form 1040, line 28, as SEHI.

The client is a 100% owner, which would be more economical OBAMA care or independent carrier . I think understand the tax benefits
Thank You

[Burke]

Not a question we can answer. She will have to go on the health care website to determine if she may be eligible for any subsidies, and contact local insurance agents for a quote for individual, private insurance outside the exchanges.
Then compare.