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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.
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.
You would them on Schedule 1, line 17 of the 1040, "Self Employed Health Insurance Deduction"
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.
Theres a quick zoom button at Line 20z of each partners K-1 worksheet where you can enter health insurance paid.
@Just-Lisa-Now- Poster said partner paid himself, so would not be on K1
its an entry point to the SEHI worksheets while youre in the K-1 screen, isnt it?
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 😁
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