Web9 Nov 2024 · If the corporation paid for the HSA contributions for your husband, either directly or by reimbursement, the HSA contributions should have already been contributed into your husband's account. And it is properly added to box 1 of his W-2. If the corporation is paid for the HSA contributions for you, either directly or by reimbursement, the HSA ... WebShareholders employees with more than two percent share of a Subchapter S corporation cannot make pre-tax contributions to their HSAs through the company by salary reduction. In addition, any contributions made to their HSAs by the corporation are taxable as income. However, they can make their own personal contributions to their HSAs and take ...
Reporting Reminder for Greater Than 2% S Corp Shareholder
Web26 Dec 2024 · There are no tax implications if this was funded by your after-tax income. Funding an S-corp with personal cash increases the business bank account and owner's equity account by the same amount on your balance sheet. It does not have any impact on income. 1 Cheer Reply Thomas7399 December 27, 2024 09:43 AM Cheer Reply January … Web16 Jun 2024 · Employer contributions to a more than 2% shareholder's HSA are treated as compensation and then deducted by the shareholder on his 1040. this would include HSA contributions for his spouse. the S-corp in effect gets a deduction for the HSA contributions because they are part of the shareholder's comp. now the question becomes did the S … oxford long covid book
HSA Frequently Asked Questions for Insurance Professionals
Web7 Nov 2024 · As a business owner, the IRS states you can’t contribute to an FSA plan if you own 2% or more of the company and are an LLC, PC, sole proprietor, partner, or have a … Web11 May 2024 · S Corp Owner Hsa Contributions. You can likewise use by mail. This process takes about four weeks, and you must complete the form appropriately. You can obtain an … Web8 Aug 2024 · The $6,900 should have been included in box 1 of the W-2 and the contribution is to be treated on the shareholder's individual tax return as a personal HSA contribution, … jeff markey kimberly clark