jgcpa
Level 4
07-28-2024
02:29 PM
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Hi Terry,
The owner did take a deduction for the S corp health insurance on Sch 1 (1040). The Qbi should also be reduced per the IRS ( see Q/A39 ) by the deduction to avoid double dipping. How do I do this? Is there a check box?
A39. 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 will be a deduction in determining QBI. This may result in QBI being reduced at both the entity and the shareholder level.