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How do partners in self-employed business who pay own health premiums deduct them?

Greta
Level 9
 
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Terry53029
Level 14
Level 14

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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abctax55
Level 15

I'm not sure what you mean by 'partners' in a 'self-employed' business.

Partners = K-1

Self-employed = Sch C 

HumanKind... Be Both
Greta
Level 9

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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Terry53029
Level 14
Level 14

You would them on Schedule 1, line 17 of the 1040, "Self Employed Health Insurance Deduction"

Terry53029
Level 14
Level 14

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.

Just-Lisa-Now-
Level 15
Level 15

Theres a quick zoom button at Line 20z of each partners K-1 worksheet where you can enter health insurance paid.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Terry53029
Level 14
Level 14

@Just-Lisa-Now-  Poster said partner paid himself, so would not be on K1

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Just-Lisa-Now-
Level 15
Level 15

its an entry point to the SEHI worksheets while youre in the K-1 screen, isnt it?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Terry53029
Level 14
Level 14

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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