Question

Self-employed Health Insurance deducted as a Partnership other expense TT Business? guaranteed payments to partners?

Forum|Forum|2 years ago
February 24, 2024
1 reply
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I saw something in Turbo tax BUSINESS (we have a partnership) that said I need to enter a business expense (where do I do that for health care and LT care insurance). If I do that, do I also have to enter them in guaranteed payments paid to partners? we pay the insurance premiums ourselves. I was able to enter health insurance and LT care insurance premiums as adjustments to income (1040) when I entered my K-1.

TurboTax Business Windows

PatriciaV

If the partnership pays the health and long-term care insurance on behalf of the partners, the expense is reported only as guaranteed payments on the partnership return.

To enter these payments in TurboTax Business:

Go to Federal Taxes >> Deductions >> Guaranteed Payments
Complete the entry screen - insurance payments are the second box.
If the payments should be allocated, click the "Allocate by Amount" button.
The next screen will allow you to enter an amount for each partner for whom the insurance was paid.
The allocated amount will be reported on Schedules K-1.

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M

MS43_2

I have done this and on the k-1 it shows on line 4 and then again on line 13. Is this because line 4 is the income and line 13 would be for the deduction on the 1040.