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Best Answer Click here
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Two brothers formed a partnership for construction work which issues them a K-1. Each pays for their own Medicare, wife's medicare, supplemental insurance. Are they able to deduct these premiums which they could had they filed a Sch C.
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You would them on Schedule 1, line 17 of the 1040, "Self Employed Health Insurance Deduction"
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Just want to bring to your attention that ProSeries has form 7206 for self employed health insurance, but I have just put it on schedule 1. I was not aware of that form.
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Theres a quick zoom button at Line 20z of each partners K-1 worksheet where you can enter health insurance paid.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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@Just-Lisa-Now- Poster said partner paid himself, so would not be on K1
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its an entry point to the SEHI worksheets while youre in the K-1 screen, isnt it?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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You are right, its an entry point. I don't use the worksheet, unless the partnership pays the premium. Just put on schedule 1, but I also put the foreign tax paid right on schedule 3, as I'm a little lazy 😁