Healthcare Premium for Independent contractor

[Sinkster]

I am retired but am an independent contractor who receives a 1099.  My wife and I have health insurance through the marketplace, and received two 1095-A forms one for each of us as we had insurance through different companies.  We also receive IRA distributions in retirement.  My question is, can we deduct the cost of both premiums?  If so, where is this located?  

Thank you

[MinhT1]

Yes, if you are self-employed, you can deduct the cost of your premiums paid to the Marketplace (adjusted by the premium tax credit) as self-employed insurance.

In TurboTax Self-Employed, you enter your health insurance premiums in the Business Expenses section of your business.

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The deduction is limited to the amount of net income (profit) of your business.

Go to Business Expenses > Other Common Business Expenses > Health Insurance Premiums.

TurboTax will transfer the amount to Part II line 17 of Schedule 1 of form 1040 (self-employed health insurance deduction).

[Sinkster]

Thank you for the quick reply. However, the Business Expense>Other Common Business Expenses>Health Insurance Premiums is not in my edition.  I have Home & Business Personal & Self-Employed.  The only place I can locate the deduction is in Personal>Deductions and Credits>Medical>Affordable Care Act (Form 1095-A). I added both policies, filled in each month, and there is a middle box called "I'm self-employed and bought a marketplace plan.  If I check the box for both policies, add my business (Consulting), puT first and last month (Jan-Dec) I get the message "Good News, you get more credit for your insurance premiums:, and it's broken down in three parts saying how much will be added to my refund.  Does that make sense?

Thanks again

[MinhT1]

Yes, you are correct. This is how you enter your premiums when you have forms 1095-A.

[Sinkster]

Great, thanks for your help.