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Financial Planning / Tax Strategies


Subject:  Re: S Corp Health Insurance Date:  1/25/2001  12:42 PM
Author:  BostonCPA Number:  44813 of 129794

Great, thanks! A couple of followups:

1) Do I need two W-2's, one for myself as an employee and one for myself as an officer?

No, you only need one W-2.

2) Where do I report the compensation of the officer (for the health insurance) on the W-2? Do I add the compensation to the amount in Box 1 (Wages, tips, other compensation) and then also record the amount in Box 12 (Benefits included in box 1)?

The amount of the health insurance premiums is added to your compensation in box 1. DO NOT add the health insurance premiums to your social security wages (box 3) or to your Medicare wages (box 5). You do not have to report anything in Box 12 (you can report the amount of the premiums there if you want, but you are not required to).

Good luck.
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