How do i input self employed health insurance deduction, schedule 1, line 16, onto online software?

[Irene2805]

To enter your self-employed health insurance deduction in TurboTax Onine, please follow these steps:

1. Click on Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
2. On the Here's your [business] info screen, click on the box Add expenses for this work.
3. On the Tell us about any expenses screen, scroll down through the categories, mark the radio button next to Health Insurance Premiums and click Continue at the bottom of the screen.
4. Enter the total health insurance premiums paid on the next screen, Tell us about health insurance premiums…

The premiums will show as a deduction from your gross income on line 16 of Schedule 1 on form 1040 [self-employed health insurance deduction].

[Bettysea]

I have TurboTax Home & Business and don't see these same screens.  How do I input self employed health insurance deduction, schedule 1, line 16 in this version of Turbo Tax?

[MaryK4]

For TurboTax Home and Business, go to Business Expenses - Other Common Business Expenses- Insurance payments  

@Bettysea

[Bettysea]

Thanks.  Do I enter both Medicare Part B and Medicare Advantage premiums here?

[MaryK4]

Yes, you can include both Medicare Part B and Advantage premiums for Self-Employed Health Insurance.

@Bettysea

[skodonnell]

Is this the correct path to record health insurance for a S-corp shareholder?

[ErnieS0]

@skodonnell Health insurance personally paid by an S-Corp shareholder is entered in the Schedule K-1 section. 

• Type k-1 in Search in the upper right
• Select Jump to k-1
• Keep going the the S-Corp K-1 until you reach Other Situations
• Check the Box "I personally paid health insurance and/or long-term care insurance for myself and my family and this S corporation paid me wages"
• Enter you Box 5 Medicare wages and health insurance premiums you paid personally

[skodonnell]

Thx!

[jyotigupta]

hello: I am unable to input the health care deductions amount on line 17 of schedue 1 ( home and business 2021 turbo tax software). please help me. thanks. JG

[Vanessa A]

To enter your self-employed health insurance so that it shows up on line 17 of your schedule 1 do the following after entering your business information and income:

• Click Business
• Click update next to your business income and expenses
• Click Edit
• Click Update or Start next to Other Common Business Expenses
• Click Start next to Insurance Payments
• Click Start next to Health Insurance Premiums
• Enter your premiums

You must have a profit in order to take this deduction.  Also, the deduction will be decreased by your Deductible Part of the self-employment tax. 

[raistj]

How do I do this for my scorp in 2021 turbo tax home and business.  It seems that the method of entry has changed from 2020 turbo tax to 2021 turbo tax.  And putting it under business income/expenses is not the correct way for a scorp.

[PatriciaV]

Per Expert ErnieS0:

Health insurance personally paid by an S-Corp shareholder is entered in the Schedule K-1 section. 

• Type k-1 in Search in the upper right
• Select Jump to k-1
• Keep going the the S-Corp K-1 until you reach Other Situations
• Check the Box "I personally paid health insurance and/or long-term care insurance for myself and my family and this S corporation paid me wages"
• Enter your Box 5 Medicare wages and health insurance premiums you paid personally

The Box 5 entry page appears in the same order as the items on the Other Situations list. So if you had carryovers, you need to work through those pages to get to the page "Self-Employed Health Insurance." Enter only premiums you paid to a provider other than Healthcare.gov.

[drdurco]

Extremely Helpful!!  Thank you very much.