Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-16-2010, 07:40 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
How are Health Insurance Premiums treated by a Partnership on behalf of a Partner?

The premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments.

Per the IRS. "the partnership can deduct the payments as a business expense, and the partner must include them in gross income. However, if the partnership accounts for insurance paid for a partner as a reduction in distributions to the partner, the partnership cannot deduct the premiums. A partner who qualifies can deduct 100% of the health insurance premiums paid by the partnership on his or her behalf as an adjustment to income."

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are Long Term Health Insurance Premiums deductible? Pearl Medical 5 09-06-2011 04:57 AM
deduct health insurance premiums from rental income sawscjs Rental Real-Estate 1 03-12-2009 01:40 AM
When can S-Corporation Health Insurance Premiums of Shareholders be deductible? TaxGuru S-Corporation 0 01-11-2009 12:55 PM
health insurance premiums for employees maverick Limited Liability Company 0 01-15-2008 01:34 PM
How are partners of a partnership treated for Tax purposes? Tanya Limited Liability Company 0 01-14-2008 08:07 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning