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Self employment medical deduction

I am using turbotax home and business.

 

My wife and I both own an LLC and report the income as a partnership.

 

In 2023 I had both medicare and an supplemental heath insurance (medigap policy). My wife has a plan on the ACA exchange.

 

Turbotax reports the ACA premiums (wife policy) we paid as an adjustment to our income. However it is not including the PTC amount that we have to repay. How is that handled?

 

My medical insurance is not added as an adjustment. How should that be fix. I entered it in the business section but it is not being included since I do not have business income. I do but it is reported on my Schedule k-1 and not on a schedule C. The premiums were paid by me using my business income. How do I fix this? 

 

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1 Reply
MaryK4
Employee Tax Expert

Self employment medical deduction

The Premium Tax Credit Repayment should be included as deductible health insurance, can you see the Form 8941? 

You will have to enter the health insurance under the K-1 with income to get the deduction- go back to the K-1 entry and look for the entry that indicates you paid the insurance.  

 

 

 

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