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Question

Single member LLC

Forum|Forum|3 years ago
December 10, 2022
1 reply
0 views

Can a trustee deduct medicare premiums if the trust is a single member of an LLC which has net rental income? And can Home & Business Turbotax 2022 handle this?

TurboTax Home & Biz Windows

if the trustee established the trust and put it in an LLC where the trustee is also the beneficiary/member , you have a grantor trust which is disregarded for tax purposes as is the single member LLC. so you have medicare premiums - and no self-employment income to use them against. you should be filing a grantor trust return.