1 Best answer
Go back and edit the Form 1095-A you entered. There will be a screen after the form entry asking if you were self-employed, check the box.
I understand that, as a self-employed person, the ACA insurance premiums that I pay are fully deductible from my income (income>ACA) and are not subject to the "7% of AGI" threshold. I don't see how to enter this properly in TurboTax Deluxe, however.
Under business expenses, the line for "medical insurance" says to not enter ACA premiums because they are handled through form 1095. But when you enter data from form 1095, TurboTax doesn't give you an opportunity to say that these are business expenses, and looking directly at Schedule 1 Line 17 there is no entry for "self employed health insurance deduction."
What is the correct way to handle this in TurboTax Deluxe so that these premiums get deducted and not subjected to the 7% threshold?
Go back and edit the Form 1095-A you entered. There will be a screen after the form entry asking if you were self-employed, check the box.
I have a related follow-up question. In looking at the forms that I will file, form 7206, line 14 says that the self employed insurance deduction is 0, yet on schedule 1, line 17, I am getting a deduction and I can't trace the amount to anywhere to verify the computation of that deduction. I have a rather complicated situation - an ACA plan and self employed, and also have some non-passive income from a k-1 (form 1065). Is there something wrong with the form?
I am having trouble replicating your issue to determine the appropriate solution. I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:
TurboTax Online:
TurboTax Desktop/Download Versions:
*(If using a MAC, go to the menu at the top of the screen, select Help, then, “Send Tax File to Agent”)
how to I send the token number without it being seen by all in the community pages?
@bkrett01 You post the token number in a reply so they can look it up. It is safe, it's only the number. This creates an anonymous copy of your file which is stripped of your Personal Info and uploads it to a diagnostic database for tech support so they can look it up.
If the forum filter removes it you can post a screen shot of it.