Schedule 1 line 17

Forum|Forum|4 years ago
March 7, 2022
2 replies
0 views

How is self employed health insurance deduction calculated on the schedule 1 line 17? It is showing only $738 when I paid $3572 in premiums as a sole proprietor through the exchange . How do I change this information on the schedule 1 form?

TurboTax Home & Biz Windows

Best answer by midpitts

found it!!!! there is a form called Health LTC Works in Turbotax home and business where you enter this info. Line 1.

Critter-3

Level 15

The deduction is limited to the Sch C income less 1/2 of the SE taxes and is also reduced by any PTC allowed on line 9 of the Sch 3.

midpittsAuthor

Level 3

Thanks for the explanation. Can I just deduct it on the schedule c instead so I get the whole amount I paid?

VolvoGirl

Level 15

No.

ameairs01

Level 2

How is the number in schedule 1 line number 17 calculated, titled self-employed health insurance deduction?

Thanks?

JulieS

Level 15

The amount that is allowed for the self-employed insurance deduction is 100% of your health insurance premiums, but limited to:

Your net profit on Schedule C ,reduced by 1/2 of your self-employment tax and any Premium Tax Credit allowed on Schedule 3, line 9.
If you are a more than 2% shareholder in an S-corporation, the deduction is limited to you gross wages on Form W-2 and reduced by any Premium Tax Credit allowed on Schedule 3, line 9.
If you are a partner in a partnership, it is limited to your income subject to self-employment tax and reduced by any Premium Tax Credit allowed on Schedule 3, line 9.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

ameairs01

Level 2

Julie, my CPA did the numbers and I did the numbers using turbo tax. We are off on schedule 1 line 17. Turbo tax shows a number while my CPA doesn't which makes a difference.

If I don't check the box where it says I'm self-employed and bought a marketplace plan we are $4.00 difference. The problem is I am self-employed and should check this box and by doing we have a variance.

Can you help? Thanks