Correct. Enter your after-tax HSA contribution in the category "HSA, MSA Contributions" under the Deductions and Credits heading. The eligible amount will appear in your tax return on Form 1040, line 25 as a deduction.
To navigate to the section to enter your HSA contribution:
· In your open return, select My Account
· Tools
· Topic Search
· Type 'HSA' in the box, then select GO
If you had no HSA distributions reported, just continue through. On the page, Let's enter your HSA contributions, enter your after-tax contributions. Be certain to answer the HDHP coverage questions also.
Then, for the health insurance premiums, you can deduct up to 100% of the premiums for you, your spouse, and your dependents if your work shows a net profit. The premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.
To add the self-employed health insurance to your return:
· Type self-employed health insurance deduction in the search bar.
· Click Jump to self-employed health insurance deduction.
· Continue the onscreen interview until you get to the Enter Your Business Expenses, choose Less common expenses, then choose Health Insurance Premiums.(See the attached screenshot below. Click to enlarge.)
Please feel free to post any additional details or questions in the comment section.
