kelly6
Level 2
03-05-2023
09:11 PM
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I have read ProConnect's instructions - and they say the below.
However - the steps given don't make sense.
There is no "adjustments to income" area on the "Deductions" screen.
Help please 🙂
Follow these steps if health insurance premiums were not reported on W-2:
Go to the Input Return tab.
From the left of the screen, select Deductions and choose Adjustments to Income.
From the top of the screen, select Health Insurance.
Enter the appropriate amount in Premiums not entered elsewhere (excluding long-term care).
Under the Long-term Care Premiums subsection, enter any applicable fields.
Scroll down to the Net Earnings (if multiple businesses) section.
Select 1 = Schedule K-1 (1120-S) in the Form (Click on arrow to select from list) dropdown menu.
Select the applicable activity in Activity name or number.
Enter the Net earnings [Adjust].
Go to the Check Return tab to view the Worksheets.
The program will generate a worksheet to calculate the Self-Employed Health Insurance Deduction.
The deductible amount will flow to Form 1040, line 29.
However - the steps given don't make sense.
There is no "adjustments to income" area on the "Deductions" screen.
Help please 🙂
Follow these steps if health insurance premiums were not reported on W-2:
Go to the Input Return tab.
From the left of the screen, select Deductions and choose Adjustments to Income.
From the top of the screen, select Health Insurance.
Enter the appropriate amount in Premiums not entered elsewhere (excluding long-term care).
Under the Long-term Care Premiums subsection, enter any applicable fields.
Scroll down to the Net Earnings (if multiple businesses) section.
Select 1 = Schedule K-1 (1120-S) in the Form (Click on arrow to select from list) dropdown menu.
Select the applicable activity in Activity name or number.
Enter the Net earnings [Adjust].
Go to the Check Return tab to view the Worksheets.
The program will generate a worksheet to calculate the Self-Employed Health Insurance Deduction.
The deductible amount will flow to Form 1040, line 29.
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George4Tacks
Level 15
03-06-2023
09:17 AM
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HUH? Any way you look at it THEY ARE THERE
Answers are easy. Questions are hard!
kelly6
Level 2
03-06-2023
06:12 PM
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Thank you.
I am referring to how to enter it as an expense on a Form 1120-S.
The prior accountant did not adjust their payroll to show the health insurance contributions.
Thank you,
abctax55
Level 15
03-06-2023
06:38 PM
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Well, those instruction were for the individual return, and should work just fine.
Now that you tell us you are asking about the S-Corp side... the expense should already be in the Corp books IF the Corp actually paid the insurance. Did it?
HumanKind... Be Both
Level 11
03-06-2023
09:46 PM
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If you're the 1120S preparer, just file a W-2C and deduct it as wages, like it's supposed to be.