Example, I pay $19k in obamacare healthcare premiums per year.
I get $9,000 in PTC.
$7,000 of the premiums, the amount not comp'd by PTC, are deductible for calculating income tax.
But then $2,000 of the $19,000 is uncategorized. Does not appear on the return. It makes my self-employed business appear more profitable when calculating self-employment tax than it actually is.
Healthcare premiums not covered by PTC should be a business expense on schedule C? But doesn't work in TurboTax SE.
Self-employed health insurance deduction goes on Form 1040 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 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.
If you still need assistance with this issue you probably need to talk directly to TT Customer Support and let them troubleshoot it for you in real time. They can even screen share if necessary.
1) Go to <a rel="nofollow" target="_blank" href="https://support.turbotax.intuit.com/contact/">https://support.turbotax.intuit.com/contact/</a>
2) Choose the product platform you are using.
3) Ask a question or keywords without quotes, and Submit.
4) On next page, skip the suggested articles if they don't help.
5) Scroll down, and you should be able to enter the Support module to get a phone number. (That will be grayed out when they are closed).
Make sure you are entering them correctly ....
https://ttlc.intuit.com/replies/5564269Answered by TurboTax FAQ to this question
Follow the instructions below to enter your premiums, and we’ll check to see if you qualify for any deductions:
I got a 1095-A from Healthcare.gov or a state marketplace.
- Report the premiums you paid on your 1095-A in the Health Insurance section.
- Type “1095-A” in the Search box and then select the “Jump to” link
I paid COBRA premiums and the policy is in a former employer's name.
- Enter the premiums as a medical expense in Deductions & Credits under the Personal tab.
- Type “Schedule A” in the Search box and then select the “Jump to” link
I paid health insurance premiums and the policy is in my name and not from a Marketplace.
- You’ll enter the premiums as a business expense, under Income & Expenses.
- Type “Schedule C” in the Search box and then select the “Jump to” link.
- Now go to Health insurance premiums under the Less Common Expenses section.
Note: If this is your first time entering info about your self-employment work, you’ll be asked some initial questions before coming to the expenses section. If you previously entered info on your self-employment work, you can pick up from there - just click Edit next to the type of work you entered previously, and then scroll down to the Expenses section.Related Information: