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Thanks for joining the conversation. There are a few options in QuickBooks for how to record the funds received from the Paycheck Protection Program (PPP) loan and the expenses to which the funds are used. Click on the company you will be working on in the main QuickBooks menu. You can also click the Default button to revert QuickBooks automatic settings. I'll be here if there's anything else you need. Examples of payroll deductions include union dues, loan repayments, employee-paid insurance, and employee contributions to a pension or 401(k) plan. Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. 4. If your corporate officers who are at least 2% shareholders elect to apply the health insurance to their wage base at the end of the calendar year, even though the company has been making premium payments throughout the year, you can use one paycheck in QuickBooks to report the amount of S-Corp Medical benefits that have paid for the year to the S-Corp’s qualified shareholders. This will ensure that the changes applied in the payroll item will reflect on the tax form. S corp owner health insurance is an issue that owners with this type of business entity need to think about. Once done, please try creating the W-2 form again. calculating each covered employees’ portion of the total cost of health care coverage, and deciding how to record these costs for each covered employee) 3. What is it? My husband is a dentist and 100% shareholder of the S Corp. Our families' health insurance premiums are reported in box 14 of his W-2. payroll items are the driving components to how QuickBooks navigates the system. In the Contributions list, click “Add New.” 2. Sales Tax. How to monitor subcontractor insurance certificates in Quickbooks. 5. In Taxes, do not make any changes and select Next. The IRS requires that S-Corp shareholder health insurance plan benefits are reported on W-2s in box 14. Skip the Agency liability field, in the Liability account (employee-paid) Type S-Corp Health Reclassified> click on the tab on your keyboard and add the new account as an expense account and make it a sub-account of Health Insurance Expense. To export information from QuickBooks online follow these basic steps: 1. Products, Track ; Enter/include the amount in Employee benefit programs. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. I am running into the same problem with it not flowing into state wages. If you need to change the selections in the Taxes screen, I'd suggest consulting your accountant or tax advisor for assistance. Wishing you and your business continued success. Sending out information from QuickBooks online is one of the main things which is done prior to leaving the online rendition. Sales & Go to “List > Fixed Asset Item List”. Things … Make sure that the QuickBooks file considers this company as an S-Corp. Click on the "Company" button on the top menu bar. Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. It will not add this amount into the State wages on the W-2. QuickBooks Payroll Adds Health Insurance Options. I just changed the "Calculate based on quantity" to "neither" (QB had automatically chosen "based on quantity") and now it works. The premiums are also noted in box 17 of the K-1. If your S-corp paid your health insurance premiums, you should include this total (annual) amount in Box 1 of your W-2 (but not Boxes 3 or 5). Please know that the Community has your back if you need assistance. All Click the ‘Payroll Item List’ button and click ‘New’. The screenshots below show these steps as well. I have done everything right. > Next 6. … Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. The premiums are also noted in box 17 of the K-1. When you attach the new health care reporting payroll item to an employee record, QuickBooks records this item and the amount associated with it automatically on the employee’s pay voucher or pay stub and reports these amounts on the Transactions by Payroll Item report (from the Payroll Summary report). If it's still doing the same thing, please share a screenshot for the Taxes screen of the S-corp payroll item. For you, a 2% or more S corp shareholder, the Affordable Care Act (ACA) doesn’t affect how you deduct your S corp-provided health insurance benefits. For example, office supplies, Insurance, etc. All If you decide to keep the capitalization (if the repair has significantly increased the value or extends the life of the property), then you can recognize the cash as revenue from insurance claim. Here you can input information about this new asset. My corporate tax accountant has instructed me to report our health insurance premiums on line 29 of the 1040. I have S Corp paid health insurance set up to affect Federal and State taxes, but on the W-2 this amount is only showing up under Federal Wages, not State. Please let me know how this turns out. Thank you for dropping by. The first (Method 1) involves using an “Addition” payroll item and “Deduction” payroll item. Recording S-Corp Shareholder Health Insurance Premiums. 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