Webb13 dec. 2013 · However, if the shareholder or the shareholder’s spouse is eligible to participate in any subsidized health care plan, then the shareholder is not entitled to the … 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.

Reviewing the Self-Employed Health Insurance Deduction

Webb11 feb. 2024 · Shareholder health insurance for a more than 2% owner is to be reported on their W-2, and if possible the shareholder would make an adjustment on the front of their 1040 return. Less than 2% shareholder health insurance is included with the expense for other employees as a deduction by the entity. Webb11 feb. 2024 · Shareholder health insurance for a more than 2% owner is to be reported on their W-2, and if possible the shareholder would make an adjustment on the front of their 1040 return. Less than 2% shareholder health insurance is included with the expense for other employees as a deduction by the entity. city ford service arncliffe

Is the basis of S corp shares reduced by the amount of

Webb29 maj 2013 · Answer: Yes, the taxpayer can claim a $4,000 deduction for the health insurance premiums paid by the S corporation. His pass-through loss of $75,000 will … Webb1 jan. 2024 · An electing tax-option (S) corporation is allowed to deduct health insurance premiums paid on behalf of a greater than 2-percent shareholder as wage expense reportable on the shareholder's Form W-2. The electing tax-option (S) corporation may not also claim the self-employed health insurance deduction allowed on the shareholder's … Webb23 dec. 2024 · Step 1: Determine the insurance plan you offer to your 2% shareholders. The insurance you offer to your 2% shareholders and the rest of your employees determines … city ford used cars