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Advanced Premium health insurance repayment - is it deductible under self employment health insurance?

After I entered my 1095 A and all my tax information, it says I owe more than 2737 in advance premium tax credits. So, I have to pay that back in my taxes this year. My question is can I claim this on my self employment income since health insurance premiums are 100% deductible and can you give me a step by step how to do it?Thank you for any help.

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2 Replies
BillM223
Employee Tax Expert

Advanced Premium health insurance repayment - is it deductible under self employment health insurance?

Please take a look at your Schedule C (on the output forms). I believe that TurboTax will automatically transfer the PTC repayment there. I am not sure, but I even think that TurboTax will ask you to confirm this.

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Advanced Premium health insurance repayment - is it deductible under self employment health insurance?

You only enter it from the 1095-A.  If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section.  So you shouldn't enter it again on schedule C.  

 

Self Employed health Insurance does not go directly on Schedule C so it will not reduce your Net Profit or self employment tax.

 

If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.

 

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