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Level 1

Deducting health insurance costs while self employed

I am self employed, and bought health insurance through my state marketplace.  I received a 1095-A.  However I also read I can deduct my payments from my self employment income.  Can I deduct the portion I paid in my Sched. SE?  Also, when I entered my 1095-A, it lists $1,500 needing to be repaid for the tax credit.  Since that is essentially health insurance premiums that I need to pay back, do I get to add that $1,500 to my deduction for health insurance premiums?

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Level 12

Deducting health insurance costs while self employed

No, the Self Employed Health Insurance does not affect Self Employment tax on Schedule SE.  It only goes on Line 29 of your Form 1040 and saves income tax.

On the screen immediately after entering your 1095-A, check the box that you were self employed.  TurboTax will automatically put the proper amount as the deduction on Line 29 of your 1040.  Do not enter your insurance premiums elsewhere, or it will be double entered.

Yes, your repayment of the Advance credit is automatically included in the deduction.  Again, don't enter it again elsewhere, or it will be double entered.

1 Reply
Level 12

Deducting health insurance costs while self employed

No, the Self Employed Health Insurance does not affect Self Employment tax on Schedule SE.  It only goes on Line 29 of your Form 1040 and saves income tax.

On the screen immediately after entering your 1095-A, check the box that you were self employed.  TurboTax will automatically put the proper amount as the deduction on Line 29 of your 1040.  Do not enter your insurance premiums elsewhere, or it will be double entered.

Yes, your repayment of the Advance credit is automatically included in the deduction.  Again, don't enter it again elsewhere, or it will be double entered.