Greater than 2% shareholder Health Insurance

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • S&D Associates
    Member
    • Jan 2008
    • 91
    #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?
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      It is included in the W-2 for the taxpayer, Box 1, and he deducts it on Line 29 of Schedule 1 (1040).

        Comment

        • Anarchrist
          Senior Member
          • Oct 2006
          • 353
          #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

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...