MichaelG81
Expert Alumni

Self employed

Line 1a is other money received not reported on a 1099NEC or 1099MISC.

 

Self Employment tax is calculated by taking 92.35% of your net earnings from SE or Self Employment. This is after business expenses are deducted. Here is a link to IRS about more information from SE tax.

Health insurance is line 15 Part 2 of Schedule C; another deduction. 

But since you this year have ACA you must report not only on schedule C but on your individual income tax return and allocate advance premium tax credits to income, when you receive your 1095-A next year from ACA. You can still go back to your schedule C and report the premiums paid out of pocket for self employed.

 

Your tax due of almost 600 does not need to be reported on any tax return, just paid. Only estimated payments need to be reported. Other refunds from taxes that need to be reported you will receive a form for, watch for guidance if applicable.

If self employed you can take a deduction for health insurance premiums for insurance. And your income after deductions, must be greater than 100% of poverty level in order to qualify for ACA credits, phased out at certain levels, depending on law in place for 2023 tax year.

 

@kt_1989 

 

 

 

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