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Self-employed health insurance deduction
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Chris_4325
Level 2
04-19-2024
03:04 PM
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The taxpayer is the only owner of an S Corp. His spouse works part time for this S Corp and receives W-2, but is not a shareholder of this S Corp. The health insurance deduction is limited to the income from S Corp subject to Social Security and Medicare Tax. The taxpayer's W-2 is $15,000 and spouse's W-2 is $5,000, and their health insurance premium is $28,000. What would be their self-employed health insurance deduction?
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qbteachmt
Level 15
04-19-2024
04:57 PM
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"and their health insurance premium is $28,000. What would be their self-employed health insurance deduction?"
Not the $28,000, unless your taxpayer has other earned income sources, if this was not included on the W2.
Read the instructions for Schedule 1 Line 17, here:
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
Edit: I found a nice explanation for spousal attribution and for the W2 reporting and for earnings:
https://www.coredocuments.com/health-insurance-s-corporation-2-shareholders
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