Joined: 21 Aug 2011 Location: United States
Online Status: Offline Posts: 6
Posted: 17 Aug 2012 at 01:59 | IP Logged
Hi, I was wondering if anyone know whether Becker is right
about partners' health insurance premium being not
deductible on form 1065, and whether it is included as
guaranteed payment on form k-1 and k?
Joined: 19 Nov 2011 Location: United States
Online Status: Offline Posts: 68
Posted: 19 Aug 2012 at 19:19 | IP Logged
guaranteed payment is like a salary for a partner which is
deducted from partnership's income in order to arrive at
the net income for partnership. Net income, Guaranteed
payments, and partner's health insurance are included on
K1. Partner's health insurance flows through to partner and
is not deductible by the partnership. You need to be
careful with health insurance because it is not 100%
deductible by one partner, it it usually only 50% of the
entire health insurance (if profit are shared 50-50). Then
the partner takes that health insurance that was reported
on his/her K1 and deducts 100% on his personal income tax
return FOR AGI.
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Topic: Simulation Partnership Health Insurance
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