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got6kidz
Level 1

health insurance as wages for an S corp on 941

Do the payments I made for my health insurance go on line 1 on 941 but not included in line 5a and 5c?  I am an s-corp.

3 Comments 3
AlexV
QuickBooks Team

health insurance as wages for an S corp on 941

Good day, got6kidz!

 

Let me assist you and explain how to prepare your 941.

 

Line 1 in Form 941 is for the total number of employees. As long as the employee is paid on any pay period within that reporting year, they must be counted and included in Line 1.

 

Line 5a is for taxable social security wages while Line 5c is for taxable Medicare wages & tips. S-Corp owner's health insurance will show in both lines if you set it up in full taxability. You'll want to review this article to know more on how to record your S-Corp Insurance: Apply S Corp Medical at year end for corporate officers.

 

Lastly, I added this link for more details on how to prepare your tax forms in QuickBooks Desktop Payroll: Year-end checklist for QuickBooks Desktop Payroll.

 

Keep on posting here and I'll help you. Stay safe!

dso0216
Level 6

health insurance as wages for an S corp on 941

Per the IRS instructions, amounts on line 2 of the quarterly 941 should include any compensation (i.e., wages, tips, "other compensation" that would also be included in box 1 of the W2 and W3.

dso0216
Level 6

health insurance as wages for an S corp on 941

Lines 5a and Line 5c include only paid compensation as health insurance payments aren't subject to FICA.

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