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Health Insurance Paid on Behalf of Partners and LLC Members

by | Nov 28, 2023 | Deadlines | 0 comments

Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums:

  • The policy must be in the name of the company, partner or member.
  • The premiums must be paid by the company and reported on the K-1 as guaranteed payments to the partner or member.
  • If the partners or LLC members have paid the premiums, the company must reimburse them for the cost.