Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Margaret is a 14% owner of an insurance agency, an S corp. She participates in the S corp's health insurance plan. How is information about
Margaret is a 14% owner of an insurance agency, an S corp. She participates in the S corp's health insurance plan. How is information about the amount of the premiums paid on Margaret's behalf, reported to her at the end of the year? A. As wages in box 1 of her W2, subject to medicare and social security taxes, therefore included in the wages in boxes 3 and 5 as well. B. As wages in box 1 of her W2 but not in boxes 3 and 5 C. Only reported in box 12 with code DD on her W2 D. In box 12, Other Deductions on her Schedule K-1 (Form 1120S).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started