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Entering health insurance premiums (W-2) for a more than 2% shareholder in ProConnect

by Intuit• Updated 2 years ago

This article will assist you with entering health insurance premiums (W-2) for a more than 2% shareholder in the S-Corporate module of Intuit ProConnect.

You can report health insurance premiums in the following places:

Somewhere on Form 1120-S
To the shareholder on Schedule K-1, box 17, code V
Form W-2, box 14

Choose one of the methods below for instructions on reporting health insurance premiums.

Reporting health insurance premiums on Form 1120-S

There are 3 methods for reporting health insurance premiums on Form 1120-s.

Reporting on Form 1120-S, line 7 - Compensation of officers

Go to the Input Return tab.
From the left of the screen, select General and choose Officer Information.
For each officer, include the premiums in the Officer compensation field.
- Click the plus (+) tab at the top of the screen to add another officer.

Reporting on Form 1120-S, line 19 - Other deductions

Go to the Input Return tab.
From the left of the screen, select Ordinary Income and choose Deductions.
Locate the Deductions section.
Enter the premiums in Insurance.

Reporting on Form 1120-S, line 12a - Other deductions

Go to the Input Return tab.
From the left of the screen, select Schedule K and choose Income and Deductions.
Scroll down to the Deductions section.
Click inside of the Other deductions (Click on button to expand) field.
Select S = Other deductions as the K-1 Code (Click on arrow to select).
Type in "Shareholder Health Insurance" as the Description.

Reporting health insurance premiums on Schedule K-1, box 17, code V

Go to the Input Return tab.
From the left of the screen, select Schedule K-1 and choose Schedule K-1 Misc./Schedule B-1.
Select the applicable shareholder.
Locate the Schedule K-1 Miscellaneous section.
Enter premiums in Health insurance premium reported on W-2 for more than 2% shareholder.
- Use this field even when the shareholder didn't receive form W-2 from the S-corporation.
- This appears on Schedule K-1, box 17 as Supplemental Information.

Reporting health insurance premiums on Form W-2, box 14

ProConnect doesn't generate Form W-2. Refer to this article for instructions on entering Form W-2, box 14 in ProConnect.

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