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jcc4hire
Level 1

Self-employed health care deduction in relation to premium tax credit repayment

My husband is self employed and we are filing a schedule C. I added the cost of our dental insurance and saw that TurboTax enters the information from our 1095-a. My only issue is that we underestimated our income when signing up for the Healthcare Marketplace, so now we owe an additional $600 after reconciling our premium tax credit. Is that in any way deductible since it is being paid towards health care insurance costs? If so, would it be deductible - on 2016 taxes or 2017 and on the schedule A or the schedule C (with the dental insurance)? We owe a fair bit in taxes - every dollar saved helps 😉
1 Reply
BMcCalpin
Level 13

Self-employed health care deduction in relation to premium tax credit repayment

Unfortunately, the repayment of excess premium tax credits is not deductible.

As you saw. premiums for health insurance are deductible on Schedule A, along with the amount that you paid out-of-pocket towards the ACA insurance policy (but not the subsidy of the premium tax credit).

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