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Tie 1095-A to Schedule C?

I'm self employed, purchased a market place health plan for Oct-Dec 2019. I did pay a small portion of the premium. When entering my 1095-A if turns out I need to pay back the 4 months of credits. (was under the impression it only went by my income from the same months...not, calculates your income for the whole year) Anyways, now that I have to pay the credits completely back, how do I deduct the premiums? I used Home & Business and it says I need to y=tie my 1095-A to my schedule C??

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1 Reply
DavidS127
Expert Alumni

Tie 1095-A to Schedule C?

When you enter your 1095-A in the health insurance section, find and answer yes to the question about whether you are self-employed.  TurboTax will ask you to link your 1095-A to your business and complete the entries for the self-employed health insurance deduction.  The Marketplace premiums you paid and the additional amount you are paying on the return to refund the Advance Premium Tax Credit are deductible as self-employment health insurance to the extent you have self-employment income, with any remaining premium deductible on Schedule A.  TurboTax will automatically do this when you indicate during 1095-A entry that you are self-employed (and link to the Schedule C).

 

But, your other entry during the self-employed interview questions may have created a duplicate entry.  So, make sure that your total deduction for self-employed health insurance is no more than "the amount you paid during the year for marketplace + the refund of Advance PTC that is being generated on your tax return + any other (non-marketplace) self-employed health insurance you had during the year".

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