ThomasM125
Expert Alumni

Deductions & credits

Per @dmertz, the self-employment health insurance deduction should not affect your IRA contribution, as it does not affect earned income. However, if you want to try it you would follow these instructions:

 

Since you entered a Form 1095-A, TurboTax will ask you if the insurance is associated with self-employment income. If you did not pay the insurance premiums from your self-employment income, you can answer "no" to that question and then your insurance premiums will not be deducted for the self-employed health insurance deduction. However, that may affect your insurance premium tax credit if you have one. You will see a screen that says Self Employed with Marketplace Plan? in the Medical section and then Affordable Care Act (1095-A). The question is are you self-employed and purchased a Marketplace plan. Answer "no" to that question.

 

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