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Self Employed Medical Premiums With Marketplace Plan No Deductions

I have an S-corp which pays through an amount for health insurance premiums along with my "wages".  I have a marketplace plan, so I have a 1095-A.  The subsidies do not cover all the cost of the premiums, so I pay the rest with the amount passed through specifically for that.  I've entered in the 1095-A information, but I am not seeing the deduction for those self paid premiums.  On Form 1040, Schedule 1, line 16, self employed health insurance deduction, there is no entry.

 

I followed all the prompts through the process saying not to enter those premiums here or there, but to only enter the information on the 1095-A.  However, I'm not seeing the deduction for the self employed premiums I did pay anywhere.

 

Thanks!

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3 Replies

Self Employed Medical Premiums With Marketplace Plan No Deductions

Ok, following advice from another thread, I went back to my K-1 entry.

On the "Other Situations" page, I had not checked "I personally paid health insurance ... for myself and my family and this S corporation paid me wages" (which is actually the case), because under "learn more" it says "Do not include health insurance purchased through a Health Insurance Marketplace.  These premiums are entered on Form 1095-A in the program."

This time, I did check that box as the other thread said to, and on the next page, I entered my Medicare Wages from box 5 of my W-2 and the Health Insurance Premiums You Paid Personally.  I did this even though there is a note at the bottom saying: If you bought insurance through Healthcare.gov ... then do not enter premiums paid to Healthcare.gov or the marketplace here.  Enter only the Medicare wages and, if applicable, premiums you paid to any provider other than Healthcare.gov..."  Ok, well I bought insurance through Healthcare.gov, but my premiums are paid to Cigna.  So I entered in the amount of the premiums I paid to Cigna for the marketplace plan, and a smaller amount paid for dental to Anthem.

Now, I have an amount on line 16 for self employed health insurance premiums, but it seems like a double dip, and on the "Health LTC Wks", at the bottom, it tells me that to the numbers I put there, it added the amount of the premiums paid through the exchange.  Veeeeery confusing!

Ok, so I went back and changed the amount I paid to just the amount paid to Anthem for Dental.  Now it seems to have put a more correct amount on Schedule 1, Line 16, although it is about $900 short.

Self Employed Medical Premiums With Marketplace Plan No Deductions

Anyone?

 

So to boil it down, how do you make sure you are getting the deduction for money paid for self employed health insurance premiums, an amount over and above any subsidies reported on the 1095A?

ThomasM125
Expert Alumni

Self Employed Medical Premiums With Marketplace Plan No Deductions

Form 1095-A should report all of your premium payments, so that should be all you need to enter in TurboTax. Column A of form 1095-A reports your full premium for your insurance.

 

 

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