Webb27 okt. 2024 · Health and accident insurance premium amounts paid for or reimbursed by the S corp for the benefit of the greater than 2 percent shareholder should be included … Webb10 dec. 2024 · A 2-percent shareholder-employee of an S corporation can deduct the medical care premiums as an “above-the-line deduction” in arriving at Adjusted Gross Income (AGI). This has the effect of making the additional wages nontaxable on the shareholder’s personal tax return.

Solved: S-corp self employed health insurance deduction - Intuit

WebbFor reporting purposes, health insurance premiums (excluding COBRA premiums) paid on behalf of a greater than 2% S-corp shareholder-employee are deductible by the S-corp … WebbBefore tax year 2010, Form 1040 instructions for line 29 stated, “Medicare premiums cannot be used to figure the [self-employed health insurance] deduction.” Before 2010, Publication 535, Business Expenses , stated that Medicare Part B premiums were not deductible as a business expense, in keeping with Field Service Advisory (FSA) 3042, … flag icon ppt

NJ Division of Taxation - Income Tax - Deductions / Are health ...

WebbA 2-percent shareholder-employee is eligible for an above-the-line deduction in arriving at Adjusted Gross Income (AGI) for amounts paid during the year for medical care premiums if the medical care coverage was established by the S corporation and the shareholder met the other self-employed medical insurance deduction requirements. Webb13 mars 2024 · Generally, the self-employed health insurance deduction under section 162(l) is considered attributable to a trade or business for purposes of section 199A and … Webb17 sep. 2024 · Health insurance premiums paid by an S corporation on behalf of its 2% shareholders should be deducted by the S corporation and reported as wages on Form … flag iconography