Health Insurance deduction for self emlpoyed

[Dave 341]

My wife and I pay separately for individual Health Insurance through separate businesses. When I enter the premiums for weach business it does not give a 100% businees deduction.

[Anonymous_]

Which program are you using? What type of return are you preparing?

The tag you used indicates you're using TurboTax Business.

[VolvoGirl]

If you are preparing a personal 1040 return with Schedule C businesses......

Self-employed health insurance deduction goes on Schedule 1 line 17 (which goes to 1040 line 10), as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 and the remainder gets added in to medical expenses on Schedule A. It will not reduce any SE Tax on a net profit. It just reduces your AGI.

[Dave 341]

Yes. Turbo tax Home & Business. We have separate businesses and I've allocated the Health Ins premiums to each respective business. No w-2 income

[VolvoGirl]

Did my prior answer help?  Or do you still need help?  Was this insurance from the ACA MarketPlace or private insurance?   Are you showing a loss on Schedule C?   And you understand it doesn't actually show up on schedule C but is deducted on Schedule 1 line 17.  

[Dave 341]

Got it.

Thanks

[Mike9241]

the health insurance deduction is limited to net income on schedule C reduced by 1/2 the self-employment tax any other directly related expenses and any contributions to retirement plans.  the deduction does not go on schedule C there's a separate section for s-e health insurance.