Help entering self employed health insurance

Forum|Forum|6 years ago
March 11, 2020
7 replies
41 views

I did the following:

Go to the Business category.
Go to the Business Income and Expense subcategory.
Choose the option "I'll choose what I work on"
On the screen labeled "Let's gather your business info", find the section labeled "Less Common Business Situations".
Click start or update next to the line labeled Self-employed Health Insurance.

When I click on "update", I get the following message:

Self-employed heath insurance must be entered under each corresponding business...to which the insurance payments apply. If you paid health insurance premiums for yourself and your family, locate the appropriate business activity on the topics list and enter your insurance premiums there.

When I click on continue, it takes me back to the Business Income and Expenses topic list. Where do I enter my self employed health insurance cost??

TurboTax Home & Biz Windows

Critter

Level 15

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:

schodesAuthor

Level 2

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.

I do the second bullet point. I'm not seeing "Less common expenses". So I click on "Business Income and Expenses". I click on "I'll choose what I work on". I click on "Self-employed health insurance" under "Less common business situations". On the "Self-employed health insurance" page, I click update, and it kicks me back out to "Business Income and Expenses" page. I don't know what to do next. When I look at the comparison of 2018 deductions to 2019, I'm seeing my Self-employed health insurance premiums in 2018 but nothing in 2019.

VolvoGirl

Level 15

It's under your Schedule C Business expenses.

Go to
Business tab-Continue
Choose Jump to Full List -or I'll choose what I work on

Then…..
Business Income and Expenses - Click the Start or Update button

Then click EDIT by the business name and the next screen should be a list of topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

Under Business Expenses, Click Start or Update by Other common business expenses
Then click Update by Insurance Payments
Then click Update by Health Insurance Premiums

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.