Question

LT care insurance premiums for Partners, paid by partners

Forum|Forum|2 years ago
February 16, 2024
1 reply
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are these LT care insurance premiums for Partners deductible in the way described for heath insurance?

TurboTax Business Windows

Yes, Long Term Care Insurance Premiums are deducted the same way health Insurance is deducted for partners of an LLC. You claim these amounts on their personal returns as medical expenses. As you walk through and enter your K-1's you will get to a part that asks if you paid for your own insurance, answer Yes. Then you will be able to enter your LTC premiums as well as other medical insurance if you paid that yourself as well. It will show up as self-employed health insurance deduction.

Just remember, the Self-Employed Health Insurance deduction is limited to your earnings. Meaning, you cannot deduct more than you earned.

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