LLC limited partner, guaranteed payments, self-employment income and medical insurance premiums paid

Happy TY2023 to all!!

Client's K-1 shows as follows:

Limited partner

Self-employment earnings in 14A and total guaranteed payments in 4C are equal amounts

Medical insurance premiums paid shown in Box 13, code M

Are these payments considered a self-employed insurance payment (Schedule 1, line 17) or a medical expense shown as an itemized deduction?

This topic has been closed for replies.

Level 15

Can be either, depending on which one works out better.

---------------------------------------------------------------------------------Still an AllStar

Level 13

Limited partners generally do not work, so they shouldn't have SE earnings, guaranteed payments nor health insurance.

** I'm still a champion... of the world! Even without The Lounge.

Level 15

But in this case, they do. Probably more common with LLCs.

The more I know the more I don’t know.

Level 13

How much is Line 1 income?

** I'm still a champion... of the world! Even without The Lounge.

Level 5

Nothing on Box 1

Sign up