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New Member
posted Jul 21, 2023 7:51:24 AM

Where do you input on a form 1065 Items paid by partnership that flow to each partner k1. Ie long term care insurance life disability vision insurance ?

Which input form

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2 Replies
Level 15
Jul 21, 2023 8:13:32 AM

For a quick overview, see https://kb.drakesoftware.com/Site/Browse/10109/1065-Entering-Payments-for-Partner-Health-Insurance

 

Generally, the premiums are treated as guaranteed payments which the partners include in income (and the partnership can deduct unless the accounting results in a reduction in distributions to the partners). The partners can then deduct the premiums paid as adjustments to income.

Level 15
Jul 21, 2023 8:13:56 AM

Your post indicates you are using TurboTax Online.  In order to complete Form 1065, you must use TurboTax Business, which you can purchase here:

TurboTax Business CD/Download 2022-2023 | Desktop Business Tax Software (intuit.com)