@pmazzara1 On screen following entry of the Form 1095-A Let us know if these situations apply to you
Did you check the box labeled I'm self-employed and bought a Marketplace plan
No, you would use your net income from the schedule C to calculate your maximum SEP contribution. The self-employed health insurance deduction does not affect that.
You are entering your self employed health insurance in the wrong place and it is therefore being treated as a regular itemized deduction. Delete the information that you have entered there. Then-
TurboTax will add the necessary forms and enter the deduction in the correct place for you.
Thanks for the reply. I went back and added it to the Schedule C, however, information I entered under 1095-A automatically goes to Schedule A (itemized deductions). In order to delete that, I have to delete the information from 1095-A, and won't that flag the return since that information will be missing? My deduction is zero because it is less than 7.5% of my gross income, however it still shows up under schedule A. Not sure how to get around entering it twice unless I remove the 1095-A information.
@pmazzara1 On screen following entry of the Form 1095-A Let us know if these situations apply to you
Did you check the box labeled I'm self-employed and bought a Marketplace plan
No. That's where I went wrong. Thank you. Do you happen to know if the self-employed health insurance deduction affects the maximum amount you can contribute to a SEP? It doesn't seem to affect my net profit.
No, you would use your net income from the schedule C to calculate your maximum SEP contribution. The self-employed health insurance deduction does not affect that.