Self Employed Health Insurance Deduction When Spouses Own Partnership

[taxes246]

Hello

My wife and I own an LLC 50% each which is treated as a partnership for tax purposes. We both receive K-1's for the same amount of income. I understand that the Self Employed Health Deduction is limited to the income reported by the business under which the plan is established. However, after entering the insurance premiums in TurboTax, the software asks us which business this pertains to - and the choices are mine or my wife's K-1. The software then limits the Health Insurance Deduction to the amount of income reported on one of the K-1's, when in fact the K-1's are both from the same business so in my opinion the deduction should be limited to the total of both K-1's. Any thoughts would be appreciated. Thank You. 

[RobertB4444]

When a partnership issues K-1s there are two options for each of the partners - general or managing partner or limited partner.  A limited partner is often referred to as a silent partner.  And silent partners do not incur self-employment income or self-employed health insurance deductions.  

[taxes246]

Thanks for your help but this does not seem to answer my question. If a husband and wife jointly own a partner ship, both and general partners, and both receive k-1s say for example $10,000 each in partnership income. If the health insurance plan costs $15000 for the year, shouldn't the self employees health insurance deduction be $15000. Turbo Tax limits it to $10,000 I think because the deduction is limited to the income received from one business but in essence the k-1s are from the same business. 

[AliciaP1]

The deduction is limited to the Recipient of the Marketplace plan.  You cannot split 1 plan to multiple taxpayers' income.

See SE Health Insurance for more details.

@taxes246