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July 13, 2020
Question

Deducting self employed health care premiums

  • July 13, 2020
  • 1 reply
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I'm self employed, purchased plan health insurance through Marketplace for Oct - Dec 2019. How do I tie my 1095-A to my schedule C so I can deduct for premiums?

    1 reply

    VictoriaD75
    July 15, 2020

    To enter the insurance premiums, you will do as follows

    1. From the Federal menu, click on Income & Expenses
    2. Expand the menu for Self-Employment
    3. Click Start/Revisit next to Self-employment income & expenses
    4. Edit next to the business 
    5. Click on Add expenses for this work
    6. Click the radial button next to Health insurance premiums. Click Continue
    7. Enter the information on the screen that follows. Click Continue.

    If the business is a partnership or an S-Corp, you will enter the self-employed health insurance at the end of the K-1 entry section. 

     

    If you are self-employed, you are allowed a deduction for premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents.

     

    You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an employer-subsidized health plan

     

    When can you claim a tax deduction for health insurance?

     

    Deducting health insurance premiums if you're self-employed

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    Odie63Author
    July 15, 2020

    Thank you for your reply! I’m using Turbotax Home & Business, what are the steps for this version?