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Level 2
posted Mar 21, 2024 6:39:30 PM

Calculation of self employed health insurance deduction

I am having problems with the calculation of my self-employed health insurance deduction again this year.  According to Turbo Tax, my  PTC results in the addition of $8932 to my taxes.  This is consistent with the Ferguson calculator.  The problem arises with the calculation of the deduction.  I actually paid $11623 in premiums during the year.  The addition of the $8932 that I will have to pay would result in a deduction of $20555 which is consistent with the Ferguson calculator, however the amount that TurboTax has calculated is $8591.  Huh??  I can't remove, override, or otherwise change this amount.  I've tried removing the 1095-A forms from the form list and this number still does not disappear.  How can I change it?   I even updated my software but that didn't change anything.

If there are any Turbo Tax employees out there, I have created a diagnostic file.  The token # is 1215360.

Thank you.

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1 Replies
Expert Alumni
Mar 21, 2024 6:58:17 PM

Your self-employed tax deduction can't be more than your business net income less half of your self-employment tax.   The remainder of the premiums can be deducted on Schedule A if you itemize.