Line 29 self employed health insurance

terryl_tt · ‎June 5, 2019

It looks like this deduction is no longer available, at least not if I take the standard deduction. My sub-s pays my MC supplemental and my part D. It takes a deduction, but the amounts are added to box 1 on my W2. In the past I deducted that amount on line 29 of my 1040. But now I am paying taxes on those premiums. So now it appears that the best thing to do is to pay the premiums personally. This would reduce box 1 on my W2 and if I happened to have deductions over the standard deduction, I could use them.

Is my logic correct? Or is there a reason to continue paying premiums in the Sub-S?

Thanks,

Terry

TaxGuyBill · ‎June 5, 2019

They are still a deduction on Line 29 (now it has moved to Line 29 of Schedule 1). Taking the Standard Deduction does not affect that.

Have you gone through the K-1 section, and checked the box about health insurance, then answer the followup questions (including entering Box 5 of your W-2, while still in the K-1 section)?

View solution in original post

TaxGuyBill · ‎June 5, 2019

They are still a deduction on Line 29 (now it has moved to Line 29 of Schedule 1). Taking the Standard Deduction does not affect that.

Have you gone through the K-1 section, and checked the box about health insurance, then answer the followup questions (including entering Box 5 of your W-2, while still in the K-1 section)?

Line 29 self employed health insurance