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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How do I complete the data entry for medical insurance premiums paid to the family member of a greater-than-two-percent shareholder-employee?

Answer

Medical insurance premiums paid on behalf of the family member of a greater-than-two-percent shareholder-employee must be reported on the family member's Form W-2. In UltraTax CS, enter the medical insurance premiums paid in the W2 screen, box 14 with code 3 (Medical insurance premiums). Next, go to the Coverage screen and select the corresponding W-2 unit number from the Screen W2 unit# under IRC Sec. 318(a)(1) family attribution rules drop-down menu. UltraTax CS will automatically report the W2 box 14 medical insurance premiums on line 1 of the Self-Employed Health Insurance Deduction Worksheet.

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