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Deduction of SE Health Insurance Premiums for a Partner in a 1065

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Level 1

I have entered the Health Insurance Premiums and it is not showing up on Sch 1 as an adjustment to income. What am I doing wrong as the K-1 shows guaranteed payments which includes the premiums so they should be able to be deducted from Income. Can someone assist with this question?

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6 Replies 6
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Level 15

Are those GP's properly marked as subject to SE tax?

Former Chump... umm.... AllStar.
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Level 14

Is there a loss on K-1 Line 1 larger than the GP?

What is on Line 14(?) for SE income?


ex-AllStar
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Level 1

You have to show the wages associated with the SE health insurance premiums. In 2009, the tax law changed requiring employers to report SE health on a W2 subject to FICA and Medicare wages if the plan is discriminatory, and not,  if its non-discriminatory; in neither case is the SE health subject to unemployment taxes: FUTA, and SUTA. Wages are adjusted, and then SE Health is reported as an adjustment in Box 14 of the W2. If the W2 does not reflect SE Health, you are not permitted to report it as an adjustment on the 1040 - it can only be claimed as health insurance on Schedule A.

 

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Level 15

The OP is asking about a general partner.

General partners don't *get* W-2's from the partnership.

Former Chump... umm.... AllStar.
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Level 1

**bleep** you, **bleep**.

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Level 12

1065 partners don't get wages through payroll, and there is no W2.

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