WebFeb 11, 2024 · The health insurance premiums paid by the S corporation are reported on Form W-2, Box 14 S. This is the amount the shareholder deducts on page 1 of Form 1040, Trending; ... Less than 2% shareholder health insurance is included with the expense for other employees as a deduction by the entity. WebOct 22, 2024 · There is one more place the W-2 that needs to be filled out. In Box 14 “Other” there should be a notation of SCORP 2% (or something like that to signify 2% owner insurance) and the cost of your insurance listed. This entry in and of itself does not remove the taxability of Box 1, but gives the information to “get you there.”
Entering health insurance premiums (W-2) for a more than 2% shareholder
WebLess than 2% shareholder health insurance premiums are included with the expense for other employees as a deduction by the entity. Shareholder health insurance … WebAccident and health insurance premiums paid or furnished by an S corporation on behalf of its 2-percent shareholders in consideration for services rendered are treated ... provided coverage under an accident and health plan. A 2-percent shareholder is not an employee for purposes of § 106. Treas. Reg. § 1.106-1; section 1372(a). slab 1 massage chair lubrication
Fringe Benefits: Rules for 2% S Corporation Shareholders
WebHowever, health insurance premium payments can still be deducted. The S corporation can deduct the amounts paid on its tax return, and the shareholder must report the … WebA 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. … WebDec 11, 2024 · Group term life insurance premiums should be included in Boxes 1, 3 and 5 of a 2% S corporation shareholder’s Form W-2. The entire premium paid on behalf of a … slab angus bourbonniere