How do I enter, as a self employed business owner, my medicare and supplemental health insurance information onto schedule 1, line 29 of the Form 1040?

davisjj704 · ‎June 7, 2019

The insurance expense was incurred by the self-employed business owners. We are an S Corporation. What do we have to do to get this information on Schedule 1 line 29.

MinhT · ‎June 7, 2019

In TurboTax Home & Business, you enter your health insurance premiums you paid when you enter the K-1 you received from the S-Corp.

When entering your K-1, continue the TurboTax interview until you arrive at the page Other situations where you can check the box saying that you paid for health insurance (see attached screenshot). On the next page, you can enter the amount you paid and TurboTax will transfer it to line 29 of Schedule 1 of form 1040.

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stampdisney · ‎June 7, 2019

Hi There, I am using 2018 turbo tax premier version, I followed the exact same steps and the amount from my schedule K-1 line 13 M still flows through to itemized deductions worksheet and not to Schedule 1 line 29. I am taking standard deduction this year so I have no schedule A.
Do you think this is a limitation of Turbo tax premier as compared to Business and Home version?

Please help!!! and thank you.

MinhT · ‎June 7, 2019

The amount in line 13 M of your Schedule K-1 (form 1065) will flow to line 29 of Schedule only if you have a positive net earnings from employment reported on line 14 A (and will be limited to the amount in 14 A).

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stampdisney · ‎June 7, 2019

Ok thank makes a lot more sense, too bad I was able to itemize it as deduction in 2017, but due to the tax reform I was forced to take standard deduction, therefore losing it.
Thank you so much for all your help Minh!

How do I enter, as a self employed business owner, my medicare and supplemental health insurance information onto schedule 1, line 29 of the Form 1040?

Business & farm

Business & farm

Business & farm

Business & farm