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Hello,
I just recently found out that I could have had my s-corp reimburse for my health insurance premiums thru my payroll. How do I get the insurance premiums reimbursed to me? Just write a check? Or do I need to do unscheduled payroll but for 2022?? Is that even possible?
I just need to somehow get the insurance premiums onto my W2 for 2022.
Any advice would be appreciated.
Solved! Go to Solution.
Good day, @OdieW.
You can run an unscheduled payroll to reflect the insurance premium on your W2 for 2022. Here's how:
For more info, you can check out this article: Create and run your payroll.
Moreover, you can check out this article for more insights on how QuickBooks populates W2 and supported pay types and deductions impacts federal taxes and forms: W2 form boxes explained
You’re always welcome to visit the Community if you have any questions about t S-Corp Owners Health Insurance in QuickBooks. Please know I’ll be right here to make sure you're taken care of.
Hi there, @OdieW. I've got the steps you need to set up the S-Corp Pd Med Premium item in QuickBooks Desktop.
You need a company contribution payroll item to track the medical insurance. Follow the steps below to create this item:
Then, assign this item to your profile. Here's how:
Once done, run your payroll with an S-Corp medical insurance item on it. You can pay 12 months of premiums at once, However, keep in mind that the premium payments are considered business expense. The IRS may require you to pay them on a monthly basis. I recommend consulting with your tax advisor to ensure this aligns with the tax rules of your specific state. If you don't have one, visit the ProAdvisor site to run a search.
Finally, if you need to track your contributions, pull up payroll reports in QBDT Payroll.
Feel free to visit the Community again if you need more help with running payroll. We're always here to help. Have a great day ahead!
Good day, @OdieW.
You can run an unscheduled payroll to reflect the insurance premium on your W2 for 2022. Here's how:
For more info, you can check out this article: Create and run your payroll.
Moreover, you can check out this article for more insights on how QuickBooks populates W2 and supported pay types and deductions impacts federal taxes and forms: W2 form boxes explained
You’re always welcome to visit the Community if you have any questions about t S-Corp Owners Health Insurance in QuickBooks. Please know I’ll be right here to make sure you're taken care of.
Sorry, I think I jumped ahead of myself with my initial question. How to I set up the S-Corp medical premium on Quickbook Desktop? I have not done that yet and not sure how to do it. I am a single member S-Corp
Also, can I pay 12 months of Medical Premium at once? I didn't know I could have the medical premiums paid thru my S-Corp until recently.
Hi there, @OdieW. I've got the steps you need to set up the S-Corp Pd Med Premium item in QuickBooks Desktop.
You need a company contribution payroll item to track the medical insurance. Follow the steps below to create this item:
Then, assign this item to your profile. Here's how:
Once done, run your payroll with an S-Corp medical insurance item on it. You can pay 12 months of premiums at once, However, keep in mind that the premium payments are considered business expense. The IRS may require you to pay them on a monthly basis. I recommend consulting with your tax advisor to ensure this aligns with the tax rules of your specific state. If you don't have one, visit the ProAdvisor site to run a search.
Finally, if you need to track your contributions, pull up payroll reports in QBDT Payroll.
Feel free to visit the Community again if you need more help with running payroll. We're always here to help. Have a great day ahead!
Thank you for the info.
If I were to pay all 12 months on 1 unscheduled payroll check, could I later use journal entries to distribute the 12 months to the individual months?
Thanks for coming back, @OdieW. Yes, you may also use the journal entry to enter the 12 months on unscheduled payroll checks.
Here's how:
To ensure your transactions are properly recorded, I'd recommend consulting an accountant.
Feel free to post some more of your questions if you have any. We're here to assist you again.
Thanks for the reply.
Yes I will be consulting an accountant to make sure I do this correct. But I'm thinking writing 12 checks maybe easier 🤷
So, my boss (the 2%+ Shareholder) does not on any level want me to run the reimbursement through payroll, as he says that defeats the purpose of "the benefit". His account has stated that I just simply need to add it to box one and box 14 on the W-2 at the end of the year showing the lump sum. They (boss and his wife) have taken it upon themselves to set up the premium moving forward as an auto deduction for the company checking account. I have to issue a check made payable to him for last year's premium. How on earth do I modify the w-2 at the end of the year? Is there not going to be penalties on the business for underreporting?
I have spent enough hours on this and I am back at my starting point. I have set it up as a "fringe benefit" only federally taxed. It changed his paycheck by $25.00 and now he's pissed at me for not doing what I was told, as opposed to doing what I KNOW to be the correct way.....
Hi there, @RGFram. I'm here to ensure you'll be able to modify the W-2 form in QuickBooks Desktop (QBDT).
In QuickBooks, modifying W-2 forms depends if you have already filed it or you haven't yet. To get started, refer to these steps below:
Before you file W-2
After you file W-2
For reference, please read this article: Fix an incorrect W-2 and W-3.
Then, for your other question, you'll get tax penalties if you don’t file on time, failure to pay proper estimated tax, dishonored check, etc. For more details, check out this article: Guide to IRS Tax Penalties.
I've also added this helpful resource that you can access to gather additional information about reporting W-2: Get answers to your W-2 questions.
I'm always here ready to lend a hand if you have any other concerns about processing W2 in QBDT. Don't hesitate to post again here. Have a great day ahead.
I have assisted payroll and I do not have the option for modifying a W-2 - it comes to me in pdf format and I only have the option to print on the w-2 paper I ordered or save it as a pdf file. Now, I know I can modify a pdf with my adobe software, but that doesn't fix the information in QuickBooks does it? I am also speaking in future tense....this is happening for 2023 payroll and the reimbursement for 2022 insurance was done after the new year. So, I am trying to get it set up correctly for 2023 payroll records and w-2 reporting.
Hi there, RGFram.
Thanks for joining this thread. I want to make sure you're able to get everything set up correctly for payroll records and W-2 reporting.
In this instance, I recommend reaching out to a member of the QuickBooks Desktop Payroll Support Team. Agents have specialized tools, like the ability to share you screen, that will enable them to work alongside you to ensure everything is entered correctly. Additionally, they'll be able to view your details on the back end to verify the entries one step further. Here's how to get in touch with the team:
1. With QuickBooks open, go to Help, then select QuickBooks Desktop Help/Contact Us.
2. Select Contact Us.
3. Enter a brief description of your issue, then choose Continue.
4. Sign in to your Intuit account and select Continue and then Continue with my account.
5. You'll be emailed a single use code. Enter your code and select Continue.
6. Select to chat with us or have us call you.
The following article provides these steps if you ever need them again in the future: Contact Payroll Support
Please feel free to reach back out if you happen to have any other questions or concerns.
I will try that, thanks!
You're welcome, RGFram.
The Community is always here if you need additional assistance. Take care!
Hello @RGFram , Just curious why did you set up the health premium as a fringe benefit? Wouldn't that make the premiums 100% taxable? Wouldn't it be better to set up as a S-Corp Pd Med Prem to avoid the FICA and FUTA taxes (at least you are not paying all the taxes)?
I'm in the same boat as you. I need to reimburse my boss last year's health premiums and add it premiums to the W-2. Going forward this year, it a debate whether to run the premiums thru payroll and just reimburse directly to my boss. It's so confusing
They are essentially one in the same and I was able to uncheck all tax line items except Federal. Which is what seems to be causing the grief with my boss. I initially selected the "fringe benefit" as that is how it is referred by IRS. I did not see the other tax tracking item until later and it will not let me change the tax tracking type now.
But either way - no difference in the tax liability.
This does not work. There is no unscheduled payroll option.
Allow me to dive into this thread to assist you, @BethFrisco. I’ll provide you with the details about the no unscheduled payroll option in QuickBooks Desktop (QBDT).
I understand how important for you to be able to work on your business smoothly with QuickBooks. I'll assist you with your questions and provide some clarification. To begin, I'd like to confirm what QuickBooks product you are using since this thread is intended for QuickBooks Desktop subscription. Moreover, can you please provide a further explanation as to what problem you encountered during the process? This enables us to investigate it further and provide a solution.
Your cooperation is greatly appreciated as it will provide us with a solution. If you provide a screenshot, please be mindful and careful to not include sensitive information. This precaution is taken to prevent any potentially scheming activities. I'll be waiting for your response. Keep Safe!
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