From what I understand I should be able to deduct 100 percent of my self employed health care premiums as a schedule C deduction. I'm married, filing jointly with one dependent. The biz is in my name and made more income than the cost of premiums. AGI is 85,244. My insurance is through the .gov exchange and I underestimated my income for the year and will have to give back the credit I was getting. The premiums paid are about 12k, and turbo tax is giving me a line 29 deduction of 2,124. Am I missing something here? Thanks!
You may or may not be able to deduct all your premiums. The sum of Schedule 1 lines 27-29 (deduction of half self-employment tax, qualified retirement plan contributions, and self-employment health insurance premiums) can be no greater than your net income from self-employment.
Schedule C income on line 22 is 90k, deductions from lines 23 - 35 is about 47k.
The only thing I can think of is that that amount are the premiums you actually paid after subsidies, if not, you'll have to go into forms mode to track this down yourself.
Thanks for the reply. I've been playing around with my IRA and other deductions and it seems this has some bearing on what can be deducted. If I take out the SEP that I planned to fund (about 15K) the full amount returns to the self employment health ins deduction. I'll play around with different amounts and see where that gets me.