I have been using TT for many years and from year to year have a similar tax situation with some changes in overall income and expenses, but for some reason, this year the Health Insurance Premiums I report when entering the K-1 Info from my S-Corp, are being lumped into the medical deduction category. Last year they showed up on Schedule 1 - Adjustments to income, line 14 (Self-Employed Health Insurance Deduction).
Even though I entered them in the same place this year and this is not a Marketplace health plan, this year the premiums are showing up on the Medical Expense Worksheet(Schedule A - Line 1) under "o" Other self-employed health insurance not deducted as an adj to income. This seem to be cauasing me to lose a bit more of a deduction overall for Medical Expenses from what I can tell. Other than these premiums, my Medical expenses were a bit more this year, so wondering if it moved them due to thresholds being met.
Wondering if anyone could help me understand why this would happen, and if I can force the system to put it elseswhere to see the effects of that change. Those lines on the worksheets do not seem to allow me to override, so not sure what to do, or why this is happening.
Thanks, Michael
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You need to make sure you enter the health insurance payments in the right place. When you get done entering the information on your K-1 schedule, you will see a screen that says Other Situations, on which one of the options is I personally paid health insurance and/or long-term care insurance premiums for myself and my family and this S corporation paid me wages:
Then you will have to enter your Medicare wages and the health insurance premiums. The premiums should be listed in box 17 of Schedule 1 of your Form 1040.
Thanks. I was entering it in the right place. But it looks like TT moved it over to the correct box after a few times of me delting and re-entering it. not sure what changed except for my actual medical dedcutions for treatment etc I lumped them all together instead of breaking out each type. Does not make sense to me why this would fix it but it did.
Do you have self-employment income this year to support the deduction? If you don't have any self-employment income you can't take the self-employed health insurance deduction.
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