self employed health insurance deduction

Forum|Forum|4 years ago
March 7, 2022
5 replies
38 views

Where do I enter self employed health insurance deduction that is due to the attribution rules. Taxpayer is not a shareholder. Only has a W2, but is a related party.

ProSeries Professional

This topic has been closed for replies.

Best answer by TaxGuyBill

Borrow a copy of the K-1 from the related party.

Enter the K-1, but enter zeros for all of the numbered boxes.

Enter the health (and Box 5 of the W-2) insurance on the K-1 worksheet.

qbteachmt

Level 15

Can you give more details? Attribution of Health Insurance cost, or Income from SE activity, or Both? Or, from Marketplace coverage? W2 employer means there is coverage available through that employer; the person is not on that plan? How does "related party" apply to the situation? Which form/schedule(s) are you working with?

Don't yell at us; we're volunteers

sjrcpa

Level 15

I think OP is saying his client is a family member of a more than 2% shareholder in an S Corp. Therefore his client's health insurance premiums are properly included in their W-2.

The more I know the more I don’t know.