Deducting health insurance costs while self employed

spiffy4433 · ‎May 31, 2019

I am self employed, and bought health insurance through my state marketplace. I received a 1095-A. However I also read I can deduct my payments from my self employment income. Can I deduct the portion I paid in my Sched. SE? Also, when I entered my 1095-A, it lists $1,500 needing to be repaid for the tax credit. Since that is essentially health insurance premiums that I need to pay back, do I get to add that $1,500 to my deduction for health insurance premiums?

TaxGuyBill · ‎May 31, 2019

No, the Self Employed Health Insurance does not affect Self Employment tax on Schedule SE. It only goes on Line 29 of your Form 1040 and saves income tax.

On the screen immediately after entering your 1095-A, check the box that you were self employed. TurboTax will automatically put the proper amount as the deduction on Line 29 of your 1040. Do not enter your insurance premiums elsewhere, or it will be double entered.

Yes, your repayment of the Advance credit is automatically included in the deduction. Again, don't enter it again elsewhere, or it will be double entered.

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Roe · ‎October 14, 2019

Help!! I can't get the self employed health insurance deduction to go to line 29 on page 1 of the 1040?? I am an S Corp and have a K1 from my CPA with line 12 filled in with code S but it doesn't feed into line 29?? Help!

Deducting health insurance costs while self employed

Deductions & credits

Deductions & credits