s corp health insurance owner only

Hi, dealkk80.  

Thank you for reaching out to the Community. I'll provide more detailed information on recording the SCorp under your spouse in QuickBooks. In QuickBooks, recording the Scorp depends on the offered of the company's insurance plan (SCorp Pd Med Premium or Fringe Benefits). And Yes, you're correct; it is deducted as an expense. This way, the contribution can be tracked as an expense, and you can keep accurate records of your finances.  

To record the SCorp, here's how:

1. Click the Lists menu and choose Payroll Item List.
2. Tap the Payroll Item button and select New.
3. Select Custom Setup.
4. Hit either Company Contribution and choose Next.
5. Enter a name for this item and choose Next.
6. Please select the name of the agency (or add it) and the account number.  

• In the Liability account field, choose the account you'll use to track company contributions. In the Expense account dropdown, select the expense account that you want to track the item. Press Next. 

       7. In the Tax Tracking Type window: 

• Choose SCorp Pd Med Premium for the 2% of shareholders with the same medical insurance plan as all employees.
• Or Select Fridge Benefits if the 2% shareholders have a different plan from other employees or don't offer the plan to employees at all. 

      8. Click Next three times and then Finish.

Regarding the other question, what if one owner decides not to get insurance from CompanyA? Yes, you don't need to record it since the company chose not to get insurance from Company A. 

I'm sharing this article for more details about the process: Set up an S-corp medical payroll item for corporate officers. 

Thanks for dropping, dealkk80. You can always post here again if you need further assistance recording SCorp. We'll be more than happy to help you out again. Take care, and have a nice day!

Thank you for getting back to us, @dealkk80.

The 2% shareholders having a different insurance plan or not offering it to other employees can be considered a fringe benefit. It's recommended to consult with a tax professional or accountant to confirm the allocation of insurance. 

You can refer to this article for more information on types of insurance plans subject to federal and state withholding and exempt from Social Security, Medicare, and FUTA: Set up an S-corp medical payroll item for your corporate officers. The article also provides instructions on how to set up an S-corp medical payroll item for corporate officers, report S-corp contributions on paychecks, and track S-corp contributions.

From here, you can run, print, and customize payroll reports to track S-corp contributions: Run payroll reports. 

I'm always here if you need further information about your health insurance. Let me know by leaving a reply below. Keep safe, and have a wonderful day!