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Join nowHealth insurance premiums for S-Corp SH (Shareholder/Owner) are usually paid to insurance provider via AP and coded as health insurance expense on your books. This same amount s/b added to payroll as "imputed income" (which means you don't get the money but it was paid for you and you must pay the taxes owed on it). This increases her income by that amount to be taxed and then it is deducted out to not pay to her since the insurance company was already paid. Not sure why there is a credit going back to that account on your books. That part sounds like maybe not setup correctly.
I'm sorry to hijacked this conversation but you seem to know how S-Corp Owner health insurance payments work. I am using QB Online. I am an LLC that is being taxed as an S-Corp effective 1/1/2024. I have purchased health care insurance outside of my company and pay for it with my funds. My accountant said I can be reimbursed for paying the insurance. I need help with the following:
1. I want to reimburse myself for what I have paid so far this year and make sure it reflects correctly in the accounts and on my W2.
2. I would like to reimburse myself going forward as I run payroll if that is possible so it posts correctly. If not I can do #1 monthly. I just want to make sure it shows correctly in my accounts and on my w2.
Thank you.
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