As stated by SuperUser Lisa995, the self-employed health
insurance cost is not truly deducted as a business expense. However, it is entered into TurboTax like it
is a business expense depending on the version you are using.
If you are using
TurboTax Self-Employed Online, use the following steps to enter your premiums:
Go to the Federal >
Income and Expenses > Self-Employment Income and Expenses section and
click Edit beside your business. Click Add Expenses for this Work, then find
the Less Common Expenses section at
the bottom of the screen. Expand this
section and scroll to the Health Insurance
Premiums section to enter your information.
If you are using a
CD/downloaded version of TurboTax, use these steps:
-
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
-
This opens a box where you
can type in “self-employed health insurance deduction” (be sure to enter
exactly as shown here) and click the magnifying glass (or for
CD/downloaded TurboTax, click Find)
-
The search results will
give you an option to “Jump to self-employed health insurance deduction”
-
Click on the blue “Jump
to self-employed health insurance deduction” link
-
Click Edit beside your business name
-
Scroll down to the Business Expenses section and click Start or Update beside Other Common
Business Expenses
-
Click Start or Update beside
the Insurance Payments section
-
Click Start or Update beside Health Insurance Premiums to enter your
information
