- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello, we completed a 1065 with the partnership paying the insurance premiums for the sponsored plan and reported the payments as guaranteed payments on the K-1s. I noticed on the 1040 for the partners, it's only allowing a partial adjustment to income for the insurance cost and the rest is on the Sched A. Is there a way to review the calculation on the 7206. When I try to look up that form it isn't showing and I wanted to see how the program is calculating the deduction. Thank you.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
GPs are higher than box 1. Do you know if there is a way to review the way the calculation is being figured out for the deduction on the 1040? Thanks.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I don't use ProConnect. There is probably a worksheet.
Get out the instructions and go over the 7206.
Bottom line - they need to have at least as much net SE income as the health ins payments.
Ex-AllStar