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January 11, 2025
Question

Quickbooks online payroll issues

  • January 11, 2025
  • 1 reply
  • 0 views

This is not an easy one!  I was wondering if anyone out there has paid for your Medicare/supplemental insurance for your Corporate offficers, and able to put it on their W 2 forms.  They both are Medicare recipients.  Is it legitimate write off?

 

1 reply

JoesemM
January 11, 2025

Yes. If the insurance premium is paid as a business expense, it qualifies as a legitimate write-off, KathyA. Then, create a payroll item for an S-corp medical benefit for your corporate officers. Let me guide you through the process.

 

S corporation medical insurance is a noncash fringe benefit provided to shareholders owning 2% or more of the corporation. In your case, you can set up an S-corp medical payroll item in QuickBooks Payroll. Then, report them on your employee's paychecks and put them on their W-2 forms. 

 

Here's how:

 

  1. From the Payroll menu, choose Employees.
  2. Select your employee.
  3. Go to Pay Types select Start or Edit.
  4. In Additional pay types, select S-corp Owners Health Insurance.
  5. Enter an amount. Or leave it blank, then enter the amount as you run payroll.
  6. Click Save.


Once done, you can proceed to step 3 on how to report S-corp contributions on their paychecks. For more details, click this link: Set up an S-corp medical payroll item for your corporate officers.

 

You can also enhance your payroll processing capabilities by Exploring QuickBooks Payroll. This tool offers a range of features designed to help you efficiently manage your W-2s and streamline your payroll tasks.

 

Additionally, I'll be sharing these links that will guide you in filing your W2s and printing them in QuickBooks:

 

 

Let me know by adding a comment below if you have questions about W-2 or any related concerns in QuickBooks Online Payroll. I'm here to help. Stay safe.