Self Employed Health Insurance Deduction

Forum|Forum|7 years ago
October 1, 2019
2 replies
26 views

I'm a business owner and purchase my health insurance via the exchange. I'm not eligible for any credits. Turbo Tax is not allowing me to deduct my premiums as I have in years past? Nothing has changed on my end.

TurboTax Home & Biz Windows

VolvoGirl

Level 15

Do you have a profit? Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 29, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 29, and the remainder gets added in to medical expenses on Schedule A.

BUT do not enter any Health Care Marketplace insurance you bought. If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section. So you shouldn't enter it again on schedule C.

BillM223

Level 15

Volvogirl is right that your self-employed healthcare premium may have been limited by the amount of your self-employed income. However, I am not sure what "Turbo Tax is not allowing me to deduct my premiums as I have in years past?" Did you enter the premiums in the way that TurboTax needs?

Please see https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-if-i-m-self-employed/00/27111 for how to enter your marketplace premiums for the self-employed.

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