Allison J. asked
My client has an LLC treated as a partnership for tax purposes. One of his partners needs to be reimbursed for health insurance. In 2015, the partnership had no income and the partner paid insurance from his personal account. The partners agreed to treat the payment as a loan and reimburse it when the company makes money. Do we report it as guaranteed payments, and if so, do we report it on K-1 box 4 and box 13 (M)?
April 21st, 2024
Mary R. answered
Yes, health insurance premiums paid by a partnership on behalf of a partner for services as a partne...
April 21st, 2024
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