UPDATED FOR TAX YEAR 2019
Premiums for Workers Compensation Insurance may be reported under Insurance Premiums in the Common Business Expenses section .
To enter these premiums in TurboTax Self-Employed, please follow these steps:
- On the Your 2019 self-employed work summary screen, click on Review next to your business.
- On the Here's your [business] info screen, click on the box Add expenses for this work.
- On the Tell us about any expenses screen, scroll down and mark the radio button for Business insurance and click Continue at the bottom of the screen.
- Enter the amount you paid for Workers' Comp on the next screen, Let's enter the business insurance expenses...
The premiums will appear on line 15 of your Schedule C (insurance).
[Edited | 4/13/2020 | 12:10 pm PDT]
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