QuickBooks. Skip the Agency liability field, in the Liability account (employee-paid) Type S-Corp Health Reclassified> click on the tab on your keyboard and add the new account as an expense account and make it a sub-account of Health Insurance Expense. 4 - Remove any earnings item all other items (start with a blank paycheck). To enter HSA and health insurance for >2% shareholder/officer please follow these steps: While in your return, click Federal Taxes > Deductions. This can be simple for businesses using QuickBooks. You can set up paycheck deductions for employees to automatically pay into their health insurance plan. Amounts that are collected through the HSA payroll item will appear in Box 12 on the employee’s W-2. It is this great flexibility, however, that causes so many users to need my help. Open Quickbooks desktop and click on the Lists menu and select Payroll Item List. to Enter Shareholders Insurance Reimbursement in Quickbooks ; The health insurance would then be part of the computation for each partner's Schedule K-1, box 1. 3 - Create a new paycheck for the corporate officer and click Preview Paycheck. QuickBooks Payroll is a powerful tool to manage not just taxes but employer/employee pay health insurance, qualified retirement plans, garnsihments, employee loan repayments, sick time, vacation time, and more. Go to Screen 15, Ordinary Deductions. According to IRS Notice 2008-1, S-corporation medical benefits are provided to employees that are also shareholders owning 2% or more of the corporation is considered a non-Cash Fringe benefit. Simply create one single zero-dollar paycheck at the end of the year to record the total benefit amount onto the W-2. Enter the S-Corp Adjustment payroll item created in Step 2, for the amount of .01 on the next line. You will need to create a new payroll item for the employer contribution portion of an employee’s health insurance … Need to set up company contributions to a Health Savings Account (HSA) instead? QuickBooks Online 2019-Payroll Item Setup Health Insurance Employer paid 5. You can also set up company contributions for this benefit. Click the drop-down next to the Expense account box and select the new account Note: If payroll is not turned on in your Quickbooks file, then you will not see the Payroll Item List selection. On the next screen, Enter Insurance and Other Benefits, you can make the entries in the … 8. In the Add New Account window, choose Other Expense as the Account Type and create a new Account Name (for example, “Reportable Health Coverage”). The IRS requires that S-Corp shareholder health insurance plan benefits are reported on W-2s in box 14. An HSA contribution gets tallied on an employee paycheck because QuickBooks will automatically add your HSA payroll item to the paycheck of the employee in the Other Payroll Items table. With Intuit Online Payroll, QuickBooks Online Payroll, and QuickBooks Desktop Payroll, you can set up and record your S-Corp Insurance items. ; Enter/include the amount in Employee benefit programs. Set up health insurance deductions and contributions. In QuickBooks edit Frank’s employee record -> going to the Payroll and Compensation tab -> in the Additions, Deductions and Company Contributions block, find the health insurance contribution item and enter BOTH the hourly “rate” and the annual maximum. ; On the page, Your Deductions, in the Compensation and Benefits section, click on the Start/Update box next to Insurance, health and other benefits. > Next … Click Save & Close. 5 - Under Other Payroll Items:. Remove any earnings item all other items ( start with a blank paycheck.! 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