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Health Insurance For S Corp Shareholders

health-insurance-s-corp-shareholders

For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. You can either pay the premiums yourself or the S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 in box 1 as wages to be included in your gross income. Otherwise, the insurance plan will not be considered to be established under your business.

By adding the health insurance premiums to box 1 on the W-2 the health insurance will become above the line deduction on the shareholders personal tax return.

Please give me a call regarding this if you need more guidance.

Health Insurance S Corp Shareholders S-Corp Taxes
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    Recent Posts

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      Income Tax Brackets for 2016
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      Arizona Tax Credits for Clients
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      Health Insurance For S Corp Shareholders

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