Yes, you can take a deduction for your son's college health insurance plan. (Be careful, though. These plans often don't count as eligible insurance. You would have to ask the school.) Whether this insurance includes the minimal acceptable coverage does not determine whether you can count it as insurance for the self-employed, however; only for whether you are exempt from the health insurance penalty.
If the Obamacare policy is carrying over to Line 2 on your 1040, then you will only need to enter your son's insurance cost to the insurance section of your business expenses. If the Obamacare policy does not automatically carry over to Line 29, then add all of your health insurance expenses together.
If you continue to have trouble with this issue, you may need to unlock TurboTax Home and Business.
