On Turbotax Premier 2024, I am entering data from a K-1 from my S-corp.
I am following the instruction article by turbotax:
"How do I claim the self-employed health insurance deduction for partners and LLC members?"
The instructions are to enter the Self employed health care premiums (paid by the S-corp and reported on the W-2) on K-1 box 13 using code M. But the drop-down box in turbotax has code M as "credit for increasing research activities" but IRS says it should be "Code M. Amounts paid for medical insurance"
https://www.irs.gov/instructions/i1065sk1#en_US_2024_publink11396nd0e2460
https://ttlc.intuit.com/turbotax-support/en-us/help-article/insurance-medical-benefits/self-employed...
Help !
Code M. Amounts paid for medical insurance.
Any amounts paid during the tax year for insurance that constitutes medical care for you, your spouse, your dependents, and your children under age 27 who aren't dependents. On Schedule 1 (Form 1040), line 17, you may be allowed to deduct such amounts, even if you don't itemize deductions. If you do itemize deductions, enter on Schedule A (Form 1040), line 1, any amounts not deducted on Schedule 1 (Form 1040), line 17.
