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How does lacerte handle health insurance for more than 2% S corp shareholder - does it reduce QBI by amount shown on indiv tax return for Self Employed Healh insurance?
Do I have to manually reduce QBI if I think that is correct tax adjustment?
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By default, the program does not automatically reduce QBI by the health insurance deduction for K-1's. However, right above the grid to enter the Section 199A Statement A, there is a check box for "Reduce QBI by self-employed health insurance deduction" If you check this box, the program will reduce QBI by any health insurance deduction allocated to the K-1.
Michael D
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Any answers to questions should always mention the Tab/Section number. I have spent days (at night) trying to find answers to my simple questions. This answer about Section 199A, did not include the Section # on which I should put the "S" corp 100% shareholders health insurance when entering it in the "S" corp program. I really don't have time for this nonscense.
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I found these resources for you:
https://proconnect.intuit.com/tax-reform/entity-selection-calculator/
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