BillM223
Expert Alumni

Get your taxes done using TurboTax

May I assume that you had to pay back all of your Premium Tax Credit? Your health insurance expense would be the $10,400 that you paid, and the $8,000 that the government paid for you but which you had to pay back.

 

There is also some not-very-obvious interaction between your Schedule C net income and your contributions to Self-Employed SEP, SIMPLE, and Qualified Plans. 

 

Please see the 1040 Instructions (Schedule 1 instructions begin on page 84), especially for line 14, 15, and 16. Also see the Self-Employed Health Insurance Deduction Worksheet at the top of page 89. 

 

Since we in the Community cannot see your private tax data, I can't hazard a guess as to down to the penny, but if you had to pay back your PTC, then about $19k is close to correct.

 

@mikej724

 

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