I am one of two members of a MMLLC. Am I able to deduct health insurance premiums on my personal return?

[theleeb]

The other member of the MMLLC is covered by her husband's health insurance policy.  I purchased my own health insurance policy.  Since I am not an employee, I was hoping I could deduct the cost of the premiums.  But want to check with the TT experts out there.

Thanks!

[tagteam]

See https://www.irs.gov/instructions/i7206#en_US_2023_publink1000134117

You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), box 14, code A.

[Mike9241]

There is a limitation. it can't exceed the following:

se income less 1/2 the SE tax less any unreimbursed partner expenses 

the deduction will be on schedule I line 17

Turbotax  should calculate the max automatically from your entries

[theleeb]

Thanks for the reference.  After reading the bullet below, it appears that I cannot deduct the health insurance premiums since the insurance policy is in my name since the partnership did not reimburse me in 2023.

However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Otherwise, the insurance plan won’t be considered to be established under your business.

I will see about the partnership reimbursing me for 2024.