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How to report Schedule K-1, line 13 Other Deductions, Code M? IRS states amounts paid for medical insurance may be reported on Schedule 1 (1040) line 29.
I am using a Turbo Tax Premier version 2018.
I am retired and received a partnership K-1 which shows: Box 4 guaranteed payments ( I reported on Schedule E) and Box 13 M for other deductions.
Essentially this is the health insurance premium that I paid through partnership and therefore listed on K-1. This is unrelated to business as I am already retired.
IRS instruction on K-1 box 13 says amounts paid for medical insurance premium may be reported on Schedule 1 line 29 if not itemized as a deduction. I am using standard deduction for 2018.
I followed instructions but this amount on medical insurance premium that I paid through partnership is still showing as an itemized deduction and not on Schedule 1 Line 29 as an adjustment to income.
Is this because I am using Turbo tax premier?