medical insurance question

Forum|Forum|5 years ago
April 2, 2021
1 reply
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I am a greater than 2% owner of an 1120 S. Corp. The company paid my health insurance premiums and included them in my w-2. I understand that I can claim a credit on my 1040 taxes for these premiums but cannot see how using my turbo tax. How and where do I claim this credit?

M

MinhT1

As a greater than 2% shareholder of a S-Corp, your health insurance premiums are deductible as Self-employed health insurance.

You can enter your health insurance costs when entering your form K-1.

Revisit your K-1 entry until you get to the page Describe this Partnership. Check the box I personally paid health insurance and/or long-term care insurance premiums for myself and my family. and click Continue. On the next page, you can enter your health insurance premiums which will be transferred to Part II line 16 of Schedule 1 of form 1040.

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