Can I deduct premium paid by S Corp on Schedule A ?

[Anonymous]

Can I deduct the medical insurance premium paid directly by S corporation but included on my W2 and taxed on federal level on the schedule A. I never itemize deductions and always took standard deduction but premium are crazy high now and it’s included on W2. So I pay taxes on it through W2. I Am shareholder with more than 2%.

[Anonymous]

Here's the IRS guidance. https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-compensation-and-medical-insurance-issues

A 2-percent shareholder-employee is eligible for an above-the-line deduction in arriving at Adjusted Gross Income (AGI) for amounts paid during the year for medical care premiums if the medical care coverage was established by the S corporation and the shareholder met the other self-employed medical insurance deduction requirements. If, however, the shareholder or the shareholder’s spouse was eligible to participate in any subsidized health care plan, then the shareholder is not entitled to the above-the-line deduction. IRC § 162(l).

Self-employed health insurance deduction rules - https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE

[Anonymous]

why not have your company pay it? That's what we do. We have an LLC. This way, it reduces your net SE income.

[Anonymous]

Anonymous wrote:why not have your company pay it? That's what we do. We have an LLC. This way, it reduces your net SE income.

^oops.. sorry, I see your S corp already pays for it. Disregard post.