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Get your taxes done using TurboTax
This is a way to try as if you received a K-1 for your LLC or GmbH
Here are the steps to ensure you get the SEHI Deduction associated with your partnership income reported on your Schedule K-1 (Form 1065):
- Open your tax return, if you haven't already
- Select Federal, then Wages & Income (this may show as Wages & Expenses depending on your program)
- Scroll down and select Show more next to S-Corps, Partnerships, and Trusts
- Start Schedule K-1
- On the Did you receive any Schedules K-1? screen, select Yes
- Select Start next to Partnerships/LLCs (Form 1065)
- On the Partnership Name and Address screen, enter the info and select Continue.
- Continue entering your info
- Once you get to the Check Boxes That Have an Amount screen, your K-1 should have an amount for Self-Employment Income and, if your partnership paid for the SEHI, an amount for box 13 with a code M. You may have any number of other boxes that have amounts listed, as well
- Once you have completed the entry of your box 13 code M (if applicable) and box 14 (required for a SEHI deduction), select Continue. Enter any remaining info for the other boxes on your K-1
- On the Describe the Partnership screen, if you paid your own insurance premiums, check the box next to I personally paid health insurance and/or long-term care insurance premiums for myself and my family
- If you checked the above box, you’ll see the Unreimbursed Partnership Expenses screen. Select Yes
- Continue through the screens until you reach the screen for Any Self-Employed Insurance Costs? Enter any amounts you paid personally on these screens
Once you’ve completed your Schedule K-1 entry, your premium amounts will show as a Self-Employed Health Insurance Deduction on Schedule 1, line 17.
Note: Your deduction for SEHI may be limited by the amount of the self-employed income reported by the partnership (less the self-employment tax on that income).
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March 23, 2022
9:04 AM