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Should health insurance premiums for partners be included on
Should health insurance premiums for partners be included on line 19 of 1065 or apart of guaranteed payments?Based on my last question to you I think they should probably go to guaranteed payments and… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,627 satisfied customers
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, MBA, CFP, CRPS
Doctoral Degree
16,627 satisfied customers
I've seen your post about how to compute the gross up when
i've seen your post about how to compute the gross up when someone converts from an employee to a partner receiving guaranteed payments. I tried to use this approach, and it is not working - and I bel… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
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
PDtax
Owner
Master's Degree
4,793 satisfied customers
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
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
A follow-up question to a chat that is posted under the
A follow-up question to a chat that is posted under the question "LLC partnership has a 401(k) plan." I get how it should be reported, but I don't know how I can enter the retirement contribution for … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,627 satisfied customers
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
JD, MBA, CFP, CRPS
Doctoral Degree
16,627 satisfied customers
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
Principal
Master's Degree
168 satisfied customers
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.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
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
Master's Degree
1,799 satisfied customers
Hi Lev, Setting up a new company. Company A will be a multi-member
Hi Lev, Setting up a new company. Company A will be a multi-member LLC. Company B will be a Single Member LLC. I own 100% of Company B and Company B owns, 50% of Company A. Company B is a member manag… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
I am working on a 1065 partnership. The partners agreed to
I am working on a 1065 partnership. The partners agreed to have the business pay the tax liability impact on their final personal returns. So, if they have K-1s showing earnings of $25,000 which adds … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
Are “guaranteed payments” on Form1065 taxable to a partner?
How is “guaranteed payments” on Form 1065 taxable to a partner? I manage an LLC (let's call it A, LLC), which is taxed as a partnership (files 1065). Both partners are other companies (B, LLC and C, L… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
On an S Corp an individual receives "compensation of officers".
On an S Corp an individual receives "compensation of officers". Is this put on his personal return and if so what line?… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Why would a question be locked/hidden from normal users?Why
Why would a question be locked/hidden from normal users?Why is this done? Will the qestion be answered?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
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
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
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
919 satisfied customers
I was laid off in January 2009 from my previous employer and
I was laid off in January 2009 from my previous employer and has been paying COBRA for health insurance ever since. I formed a Delaware LLC in January 2009 and hired myself as an employee since Februa… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,668 satisfied customers
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