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sim48001
New Member

How can I deduct Medicare premium insurance from LLC pass-through partnership?

I am self-employed filing tax return with turbo tax business. My company is an LLC pass-through partnership.
I would like to deduct my Medicare premium insurance part B, part D, and Supplement insurance through My LLC Company.
 Part B, and part D are deducted from my SS benefit payments and are itemized on form SSA-1099. The Supplement insurance I pay directly myself (not by the LLC). Since LLC report to the partner with form K-1, the deduction amount is not shown on form K-1 line M 13, and is not passed to line 29 of schedule 1 of my 1040. Can you suggest how to solve this issue? I would prefer to pass the deduction with form K-1 of the LLC, but doing it this way, the balance sheet will be out of balance since the LLC did not make the payment directly.

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MinhT
Expert Alumni

How can I deduct Medicare premium insurance from LLC pass-through partnership?

You can enter your health insurance costs when entering your form K-1.

Revisit your K-1 entry until you get to the page Describe this Partnership. Check the box I personally paid health insurance and/or long-term care insurance premiums for myself and my family. and click Continue (see attached screenshot). On the next page, you can enter your health insurance premiums which will be transferred to line 29 of Schedule 1 of form 1040.

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2 Replies
MinhT
Expert Alumni

How can I deduct Medicare premium insurance from LLC pass-through partnership?

You can enter your health insurance costs when entering your form K-1.

Revisit your K-1 entry until you get to the page Describe this Partnership. Check the box I personally paid health insurance and/or long-term care insurance premiums for myself and my family. and click Continue (see attached screenshot). On the next page, you can enter your health insurance premiums which will be transferred to line 29 of Schedule 1 of form 1040.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
sim48001
New Member

How can I deduct Medicare premium insurance from LLC pass-through partnership?

Thank you. I would have never found it without your help.
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