Can I include deduct cost of co-pays and healthcare expenses as part of my health insurance premiums in my Form 1040?

[Charles-Montgomery]

I have a single-member LLC and TurboTax says that I can deduct the total amount of health insurance premiums you paid for yourself, spouse and children. Does that include co-pays and other related healthcare expenses?

Also, it says not to enter premiums paid through Healthcare.gov or your state market place. Is there another area where those premiums can be deducted? (I used Healthcare.gov only a portion of the months in 2023, so the previous paragraph still applies even if this is no)

[VolvoGirl · Accepted solution]

No, only the insurance premiums can be entered as a self employment expense. The copays and expenses are a personal Schedule A deduction if you itemize.

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.

Where to enter Self Employed Health Ins

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premi...

BUT do not enter any Health Care Marketplace insurance you bought.  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.

[Charles-Montgomery]

@vol Thank you for the quick reply! I'm all set.