If the partnership pays the health and long-term care insurance on behalf of the partners, the expense is reported only as guaranteed payments on the partnership return.
To enter these payments in TurboTax Business:
- Go to Federal Taxes >> Deductions >> Guaranteed Payments
- Complete the entry screen - insurance payments are the second box.
- If the payments should be allocated, click the "Allocate by Amount" button.
- The next screen will allow you to enter an amount for each partner for whom the insurance was paid.
- The allocated amount will be reported on Schedules K-1.
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