Yes, if you are self-employed, you qualify for the tax deduction for health insurance premiums. Where this may get a little tricky is if you also qualified for the Advance Subsidy based on your estimated income. Self-employed income can vary from year to year. Depending on how your business did for the year will determine if you qualify for a higher subsidy or a lower subsidy.
TurboTax will assist with this calculation process. As @VolvoGirl stated, when you enter your 1095-A, Health Insurance Marketplace Statement, those premiums will be included in the Self-employment Health Insurance section. Here are the steps to enter the 1095-A into TurboTax:
- Go to Deductions & Credits
- Click Start/Edit beside Affordable Care Act (Form 1095-A) under medical
- Click Yes, I received Form 1095-A
- Enter the month-by-month numbers from your 1095-A
- Check the box for I'm self-employed and bought a Marketplace plan
- Enter the information related to your self-employed business
Please review the following link for further information on Self-employment insurance premium deductions:
Deduction Health Insurance Premiums If You're Self-Employed
@yemred
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