Health insurance for partners
Varies
Can You Write Off Health Insurance for Partners?
Short answer: Yes, indirectly: premiums the partnership pays for a partner are guaranteed payments it deducts, and the partner then claims the self-employed health insurance deduction.
The partner reports the premiums as income on the K-1, so the deduction mostly offsets it for income tax but not self-employment tax.
Records to keep: Keep receipts or invoices, proof of payment, and a note of the business purpose for each expense.
Health insurance for partners
Varies
General Business
Yes, indirectly: premiums the partnership pays for a partner are guaranteed payments it deducts, and the partner then claims the self-employed health insurance deduction.
Business justification
Yes, indirectly: premiums the partnership pays for a partner are guaranteed payments it deducts, and the partner then claims the self-employed health insurance deduction. The partner reports the premiums as income on the K-1, so the deduction mostly offsets it for income tax but not self-employment tax.
Category
- Tax Write-Off Rules