Quickbooks ? - B Hoffman? 2014 year...

[WITAXLADY]

so I did a search for QB,, and see a post about how BHoffman is good with QB and S corp's 

That is not my forte and needs to be - I need a major lesson! as I have more and more S Corp businesses as my C's are profitable. 

The question I have;

taxpayer mfs amended 2014 for 1095 ACA and has to pay the $2200 back of premium. 

His wife and child  - H/H - separated all year - have to pay back $1,798 - Said they were the only ones on 1095 - "assumed" he had VA insurance. 

Since S corp pays all health insurance premiums, etc as part of benefits, can the S corp pay the above amount owed

A - out of the S corp as non taxable 

or even taxable and add it to their W-2 wages

B- can it be done out of the 2014 books and amend the 2014 S Corp as it was very profitable that year and it would then reduce the K-1's and reduce the amount due as well in total. 

 

So I am mixing prior years and benefits - and am unsure what is legal - please help - 

Sincerely, 

D

[BHoffman]

QB and SCorps are different animals than the dreaded ACA, but here goes

I believe you should treat the subsidy repayment as you would any normal health insurance premium in the year (re)paid.

See "Don't miss the health insurance deduction if you're self employed" on the IRS.gov website.

HTH and stay cool

[WITAXLADY]

thank you

D

[BHoffman]

Don't thank me yet, or maybe at all.  I'm not sure now when to deduct the repayment.  Drafted ACA and SEHI!

[BHoffman]

Ok.  The SEHI deduction starts out with the total premiums paid (column A), minus the subsidy paid by the government (column C) plus any required repayment or minus any additional subsidy (form 8962).  All in the same year.

[jklcpa]

Yes, all in the same year.