Vanessa A
Expert Alumni

Self employed

Did you already enter your business income and expenses?  If so, after you enter your 1095-A, there is a box to check that says "I'm self employed and bought a Marketplace Plan"  Check that box, then on the next screen select your business and the months your business operated and it will put your insurance and the Premium Tax Credit that you have to pay back in the Self-Employed Health Insurance section, instead of the Itemized Medical Expense section as long as you qualify for the SE Health Insurance Deduction.

 

Please note, the premiums cannot create a loss, so it can only be deducted up to the amount of your profit.   

 

Self-employed health insurance deduction

 

Also, if you qualify for the deduction last year and did not receive it you can Amend Your Return to add in the expenses for your health insurance as a business expense.  It does take 16 to 20 weeks for the IRS to process amended returns, however, if you qualified for the deduction last year and did not get it, you would get a refund for the money after they processed your amended return. 

 

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