K-1 and 1095-a

Forum|Forum|2 years ago
February 22, 2024
5 replies
36 views

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.

TurboTax Home & Biz Windows

SharonD007

Level 14

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.

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edwardsayerAuthor

Level 2

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?