Medical Insurance Premiums

[rickfausel]

Hello,  TurboTax Self-Employed allows me to (and asks me to) put my health insurance premiums in under my business expenses as well as in the Personal Deductions section.  Should I enter the premiums I paid in 2019 in both places??

[VolvoGirl]

No.  Only enter it in one place.

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 16 then to 1040 line 8a, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 16, and the remainder gets added in to medical expenses on Schedule A.

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.

[wdegaude]

I am using the DeLuxe version.

I have an LLC, treated as a small business corporation.

How do I enter the medical insurance premiums paid ?

[DavidD66]

If the health insurance premiums you pay are paid with after tax funds, then you can take the self-employed health insurance deduction.

• Click on the Business Tab
• Click on "I'll choose what I work on"
• Scroll down to "Business Income and Expenses" and click Update
• Click on Edit next to your business
• Scroll Down to Business Expenses and click on Start/Update next to Other Common Business Expense
• Scroll down to " Insurance Payments" and click Start/Update
• Select Health Insurance Premiums and click Start/Update
• Enter a description and the premium amount for your health insurance