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

SOLVED•by Intuit•175•Updated over 1 year 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 Lacerte.

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.

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

  1. Go to Screen 2, Officer Information.
  2. For each officer, include the premiums in the Officer Compensation field.
  1. Go to Screen 15, Deductions.   
  2. Scroll to the Deductions section.
  3. Enter premiums in Insurance.
  1. Go to Screen 20, Income and Deductions.
  2. Scroll down to the Deductions section.
  3. Hold down Ctrl+E on your keyboard in the Other deductions (Ctrl+E) field.
  4. Select S=Other deductions as the K-1 Code.  
  5. Enter "Shareholder Health Insurance" as the Description.
  6. Enter the premiums.
  1. Go to Screen 36, Schedule K-1 Misc./Schedule B-1.
  2. Select the Shareholder from the left navigation menu.
  3. Enter premiums in Health insurance premium reported on W-2 for more than 2% Shareholder (code 7).
    • 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.

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

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