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Level 3
December 7, 2019
Solved

Health Insurance and rules of attribution

  • December 7, 2019
  • 4 replies
  • 19 views

Taxpayer reports health insurance benefits on their W-2 due to the fact that parent owns greater than 2% of  s-corporation - Taxpayer is an adult- Does taxpayer get an above the line health insurance deduction?

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Best answer by TaxMonkey

Yes, and attributed S-corp is still and S-corp owner and qualifies for SEHI.

4 replies

TaxMonkeyAnswer
Level 7
December 7, 2019

Yes, and attributed S-corp is still and S-corp owner and qualifies for SEHI.

itonewbie
Level 15
December 7, 2019

I'd say yes because §162(l)(5) refers to §1372 which, in turn, refers to §318 for attribution.

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Bird1Author
Level 3
December 7, 2019
my thoughts were that if he owned the stock by attribution-he owns the stock when he takes HE deductions Taxpayer is 35