My K-1 shows $2k+ in income, but TurboTax is allowing $13K+ in health insurance premium deduction. I thought that I was limited to the profit of the company. Box 5 on my W-2 was over $130k. Is this the reason? Just checking before I file.
Apparently this is a Schedule K-1 (Form 1120-S) from an S corp, so your self-employed health-insurance deduction is limited only by the wages reported in box 5 of your W-2 from the S corp.
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