Turbotax is correctly adding the $20,600 to my wages, but it is not allowing me to take the $20,600 deduction on line 29 (self-employed health insurance deduction) of the 1040
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You need to enter the self-employed health insurance premiums in the same section where you enter your Schedule K-1 (Form 1120S).
I was having the same problem. To get the Line 29 deduction without the Itemized deduction, you need to do the following.
I do not have the "Other Business Situations" options. I have tried both TT Premier and TT Home and Business for 2019 but can find no way to enter the 2%Shareholder Health Insurance deduction. I can override the Schedule 1 line 16 field with the amount but get errors and won't be able to efile with an error?
Try navigating to that section in the program by:
1. Logging into your account
2.Click 'continue my return' or 'continue where I left off'
3. On the left side of the screen you will see Tax Tools, click that
4. Click Tools
5. Click Search
6. Type in ' 2% shareholder health insurance'
7. Click go, answer the questions and follow the prompts
sadly this last instruction does not work for the desktop app (I'm on a Mac). Please let us know how to do it there for the 2019 tax return.
You need to enter the self-employed health insurance premiums in the same section where you enter your Schedule K-1 (Form 1120S).
thank you for the quick reply.
"Other Situations" never showed up for me before. Now I checked "I received an amended K-1 for this S-Corp" (even though I did not receive that) and "Other Situations" with the health insurance entry showed up. Not sure if that was the solution or I had previously been repeatedly sucked into a time warp at that spot.
anyways solved now. thank you.
WAIT a minute ... why did you indicate you got an amended K-1 form ? That was not needed. You may wish to either review the K-1 entry screens or delete the K-1 and start again from scratch.
yes, I know. Was not needed. I unchecked it again on the form itself and the health insurance correction remained. So it looks like this challenge is solved.
That said, I know now that our CPA made other mistakes and I will enter an amended K1 eventually anyways.
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