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2% Shareholder Health Ins. in S Corp -- W-2


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Posted

For tax year 2010, 2% Shareholder Health Insurance had to be added to taxable wages (for income tax) on W-2.

For tax year 2011, did this change? I am not seeing references to this, but don't remember seeing anything about a change. Should Health ins be added to wages for 2011?

Thanks,

Posted

No change. But remember it does not go in the SocSec and Medicare wages. And on the 1040, the deduction is limited to the amount of Medicare wages (same for retirement account eligibility). So if wages are low and ins is high, there may be a lower deduction on 1040 than the income added thru W2.

Posted

I cannot remember where I got the info to put it in Box 14!! But I do know it is a

good reminder for a tax preparer to take it is a deduction on Sch A if they can

Itemized Deduction. I don't believe I got info from IRS!

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