turbo tax self employed health insurance deduction

Forum|Forum|2 years ago
April 10, 2023
2 replies
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I read that health plans purchased via healthcare.gov or a state can be deducted as an expense for self employed businesses. However, when I go to enter these premiums I see the following.

Don't enter premiums you paid for your employees or premiums paid through Healthcare.gov or your state marketplace.

I entered the 1095-A form. Is there a way to verify that I am receiving that deduction from my gross income? Or is that form simply incorrect and i need to add the information there?

Thanks

TurboTax Self Employed Online

Best answer by DoninGA

The health care premiums paid from the Form 1095-A when self-employed are automatically entered as self-employed health care premiums on Schedule 1.

DoninGA

The health insurance premiums paid when self-employed are entered on Schedule 1 Line 17 as an adjustment to income. The total from Schedule 1 Part II flows to Form 1040 Line 10.

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

beardsmcgeeAuthor

thanks! that is very helpful. if i enter my premium amounts into the form, i can see the corresponding results in the areas you referenced. So is the turbo tax text just incorrect? Is there anything else I should be aware of? i am not a tax expert but i'm certain that healthcare.gov / state exchanges can be deducted for the self employed as long as they meet certain criteria (eg: revenue equal or greater than premiums, etc)

DoninGAAnswer

The health care premiums paid from the Form 1095-A when self-employed are automatically entered as self-employed health care premiums on Schedule 1.

Clarice1

I enter 5842 for my self employed health insurance in Schedule C; however, on Schedule 1 and Form 1040 it is included as 10,700. What is the problem here? Thank you.

DianeW777

Double check your entry using the steps in the link below. Depending on the insurance type it may need to be edited. Click the link for the type of health insurance you have.