Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-08-2017, 05:40 PM
Junior Member
Join Date: May 2017
Posts: 6
2% shareholder insurance expenses

In 2017 , My daughter and I are both more than 2% shareholders ( active ) of our S corp as owner/employee , there is no other employee. Our S corp filed form 1120S and both myself and daughter are Owner /employee
and we are paid salary by our S corp.My daughter is not my dependent.

We paid our medical health insurance individually /separately and S corp then reimbursed our medical insurance . S corp include this medical health amount in our W2 Box 1 (wages) and does not include this amount in W2 box 3 (social security wages ) and Box 5 ( Medicare wages) .
Both of us file tax return form 1040 ,standard deduction :- Can we claim the Deduction ( medical health insurance ) on Form 1040, Line 29:?

I am concerned since there are more than one shareholders ( owner employee) that S corp reimbursed medical Insurance to shareholders. Is this allowable ?

Appreciate your advice


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance Premiums Shareholder Withdrawl? RyGUY1446 C-Corporation 1 01-20-2015 06:18 AM
Repair expenses reimbursed by insurance Kat42 Rental Real-Estate 0 04-13-2014 04:25 PM
Life Insurance for Shareholder/Officer Christina S-Corporation 1 01-20-2011 06:06 PM
Health Insurance/Medical Expenses for C-Corp doctor_323 C-Corporation 1 11-08-2010 08:37 AM
Unemployment Insurance & Disability Insurance in NJ for scorps brookifer S-Corporation 0 09-23-2010 03:12 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning