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Multi Member LLC and Health Insurance Marketplace

From Aug - Dec of 2023 my wife had to enroll in the marketplace for health insurance.

We own a small business, operating as a multi-member llc.

She paid the premiums from the business.

She received form 1095-A, and I know that gets entered on our personal return, but what I need to ask is..

Can I leave the entry for the premiums under Guaranteed Payments > Allocation of Guaranteed Payments > Medical Insurance Premiums, or since it was through the marketplace, do I need to remove that from the business return?

Edited to note that the policy and the 1095-A are in her name, not the business name.

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1 Reply
ThomasM125
Expert Alumni

Multi Member LLC and Health Insurance Marketplace

The health insurance payment does get entered on the partnership return as guaranteed payments, which the partner picks up as income, then deducts as self-employed health insurance to the extent allowed on the partner's individual tax return. So, you can leave the entry on the partnership return as you mention. As such, it gets deducted on the partnership return, then picked up as income by the partner as reported on the schedule K-1, then deducted by the partner if allowed on form 1040.

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