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Greater than 2% shareholder Health Insurance

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    #1

    Greater than 2% shareholder Health Insurance

    Would you please tell me what are the journals entries to record the payment/reimbursement for health insurance for a more than 2% shareholder/employee of an S-Corp? How do you record the payment into wages and how does the shareholder show it on their personal return as SE insurance deduction?
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    #2
    It is included in the W-2 for the taxpayer, Box 1, and he deducts it on Line 29 of Schedule 1 (1040).

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      #3
      Debit Wages (or set up a sub-account called Wages - Med Ins) and credit the bank account.
      "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

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