K-1 and 1095-a

[edwardsayer]

My LLC pays my health insurance and there is an amount and a code M on line 14 of the K-1.  In Turbo Tax, I enter the payments on the 1095-a, but then should I check the box that says I am self-employed?  Or has the deduction already been calculated by entering the K-1 information?  I don't want to 'double dip."

Thanks.

Ed

[SharonD007]

Please clarify if you received a 1095-A?  If your LLC is paying your health insurance, the information shouldn't be on a 1095-A. 

Form 1095-A is provided to you when you have health insurance through a health care exchange. The information is entered on your tax return to reconcile tax credit payments and claim any premium tax credits that may be due to you.

[edwardsayer]

Yes, thank you.  I deduct health insurance on the 1065 but I personally pay for it through the exchange and receive a 1095-a.  When you complete the 1095-a, you have the option of clicking 'self-employed.'  I was wondering whether I should just leave that unchecked because I have already deducted the heatlh insurance as a 'guaranteed payment' on the 1065.  Correct?

Ed

[PatriciaV]

If you have reported the health insurance premiums on Form 1065 Schedule K-1, you should not enter Form 1095-A again on your personal return.

[edwardsayer]

i was afraid you'd say that.

🙂

[JenniferForReal]

Yes, that's correct. Say NO on the 1095a question about self-employed.  For me I checked YES and it double reported it in medical insurance deductions. And I am writing this because it took me an hour to figure out how to fix. And I didn't want to double report and get flagged.

So...go  to 1095-A in the turbo tax deduction menu. 

When asked: “Are you self-employed and bought a Marketplace plan?” Answer: no (because your LLC paid for it and its calculated on your K1 already).

Because:

• Your deduction is already handled by K-1 Box 13M (double check this to make sure)
• You are not relying on the 1095-A for deduction report because your K-1 already has it there.
• You only need 1095-A for: premium tax credit. So go ahead and fill it out for the credit. It will still deduct the credit if you qualify.