Deducting self employed health care premiums

Odie63 — Mon, 13 Jul 2020 22:01:39 GMT

I'm self employed, purchased plan health insurance through Marketplace for Oct - Dec 2019. How do I tie my 1095-A to my schedule C so I can deduct for premiums?

Re: Deducting self employed health care premiums

VictoriaD75 — Wed, 15 Jul 2020 13:58:10 GMT

To enter the insurance premiums, you will do as follows

From the Federal menu, click on Income & Expenses
Expand the menu for Self-Employment
Click Start/Revisit next to Self-employment income & expenses
Edit next to the business
Click on Add expenses for this work
Click the radial button next to Health insurance premiums. Click Continue
Enter the information on the screen that follows. Click Continue.

If the business is a partnership or an S-Corp, you will enter the self-employed health insurance at the end of the K-1 entry section.

If you are self-employed, you are allowed a deduction for premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents.

You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an employer-subsidized health plan.

When can you claim a tax deduction for health insurance?

Deducting health insurance premiums if you're self-employed

Re: Deducting self employed health care premiums

Odie63 — Wed, 15 Jul 2020 15:49:20 GMT

Thank you for your reply! I’m using Turbotax Home & Business, what are the steps for this version?

topic Deducting self employed health care premiums in Self employed

Deducting self employed health care premiums

Re: Deducting self employed health care premiums

Re: Deducting self employed health care premiums