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If I have an amount on form K-1 (1065) box 13M for health
If I have an amount on form K-1 (1065) box 13M for health insurance. Does that get deducted on form 1040 line 29?From a tax perspective my self employment income is higher by this amount but the amoun… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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We have a 1065 where the partners have health insurance.
We have a 1065 where the partners have health insurance. We've reported these as guaranteed payments with a deduction on page 1 line 10 and as income to the partners on schedule k line 4. This results… read more
PDtax
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I'm trying to figure out how a partnership "deducts"
I'm trying to figure out how a partnership "deducts" contributions to a partner's retirement plan … read more
Lev
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I am helping a friend who is a partner in a partnership to
Hi, I am helping a friend who is a partner in a partnership to prepare his 1040 tax return.In 2016, the partnership paid for my friend medical insurance premium. These amounts are listed on his K-1 as… read more
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Clarify line 10 of form 1065, guaranteed payment to a
Clarify line 10 of form 1065, guaranteed payment to a partner. Should the working partner's draws be considered salary or draw? … read more
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My client has LLC (partnership tax treatment). Based on the
My client has LLC (partnership tax treatment). Based on the operating agreement one of his partners needs to be reimbursed for health insurance. 1. In 2015 partnership did not have any income (only ex… read more
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Where to deduct a rental real estate partners'(Form 8825)
where to deduct a rental real estate partners'(Form 8825) medical insurance premiums? where does one enter real estate rental partners' (Form 8825) medical insurance payments… read more
Lane
Lane
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My wife and I are are partners in a partnership and we file
My wife and I are are partners in a partnership and we file form 1065. I paid health insurance premiums out of pocket. Can these be deducted on form 1065? If so where does it get deducted?… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
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Per IRS memorandum #201228037 dated May 1, 2012, UILC 162.07-31,
Per IRS memorandum #201228037 dated May 1, 2012, UILC 162.07-31, the Spouse's medicare insurance may be included in the Self employed taxpayer's health insurance as adjustment to income line 29, Form … read more
Robin D.
Robin D.
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A multi member LLC pays health insurance premiums on behalf
A multi member LLC pays health insurance premiums on behalf of one of its members. Where are these payments reported on Form 1065?… read more
Lev
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On 1065 K-1 line 19, do you include guaranteed payments here
On 1065 K-1 line 19, do you include guaranteed payments here or is it only distributions other than the guaranteed payments? Do you subtract investments the partner made during that time?… read more
Lev
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k-1 how is line 14 calculated Partnership LLC, my share
k-1 how is line 14 calculated Partnership LLC, my share of profit is 25,000 and my guaranteed medical insurance payment is 20,000. Due to partnership formula I get all profit this year. On K-1 Line 1 … read more
taxmanrog
taxmanrog
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Am I correct in assuming any payment for medical insurance
Am I correct in assuming any payment for medical insurance for the employees of a partnership, LLC, corporation or sole proprietor is a tax deductible expense? I an not sure if the partners or the own… read more
Megan C
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I am a self employed consultant. 1) Can I deduct my health
I am a self employed consultant. 1) Can I deduct my health insurance? My insurance is a group plan for retirees of my former employer. I think I read that it can't be deducted if is a group plan. Note… read more
Bill
Bill
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LLC Owners medical insurance premium. Is it deducted on form
LLC Owners medical insurance premium. Is it deducted on form 1040 or 1065. For a s corp owner I include it in wages and then deduct it in form 1040 correct? How is it done for llc owners?… read more
Lev
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When making journal entries to adjust a Partnerships books,
When making journal entries to adjust a Partnerships books, does it make a difference for reporting and ax return purposes if I show money drawn by the 2 partners as guaranteed payments or net profit … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have recently started a partnership in which I am a 50% owner.
I have recently started a partnership in which I am a 50% owner. My partner and I are paying cobra to our previous employer. Can we pay the cobra premiums directly from our new partnership or must the… read more
BK-CPA
BK-CPA
Bachelor's Degree
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I have a husband + wife partnership whose business is day
I have a husband + wife partnership whose business is "day trading". Their business is profitable, however the profit is through form 4797 Part II (mark to market) short term profits. As such, our Sch… read more
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