How to deduct my health insurance premiums with Turbo Tax

[TaxMan47]

I entered the information from my 1095-A in Turbo Tax but I'm not sure if they are correctly being counted as a deduction.

I used H&R Block last year for 2018 and it put my insurance premiums in "Schedule 1" on Line 28 "Self-employed health insurance deduction".

I'm using Turbo Tax this year for 2019 and it's putting this deduction in Schedule A under in Line 1 "Medical and dental expenses" however the figure is slightly off. My total premiums were in 2019 were $4,073 but the number entered here is $4,068. My monthly premium was $339.43 and it's rounding each month to $339 and multiplying by 12 so the figure is slightly off.

I'm really confused if Turbo Tax is counting this as a deduction since it's entered in a different place from H&R Block. I file a business return as an S-Corp so I have a W-2 and Schedule-K for my personal taxes.

[JotikaT2]

You should have entered the information for your 1095-A form as follows:  

Go to your Federal interview section. 

1. Select Deductions & Credits 
2. Scroll down to All Tax Breaks 
3. Select Medical 
4. Select Affordable Care Act (Form 1095-A) 

If you entered it as above, TurboTax will generate Form 8962 for the Premium Tax Credit.  

If you entered it in another section, please delete that input and enter it as outlined above to ensure it is picked up correctly in your return.

[TaxMan47]

Thank you for the response!

Yes, this is where I entered the values but I'm self-employed and health premiums are tax-deductible in my case.

They go on Schedule 1 but Turbo Tax is putting them as a medical expense on Schedule A. Can you please help me on where to enter these values correctly for self-employed?

[TaxMan47]

Ok, I found the issue but it's still not solved.

I entered the information for my Schedule-K so my insurance premium costs are appearing correctly there but it's also getting added to my schedule A which it shouldn't be. How do I remove it from my schedule A?

[ThomasM125]

In order to treat health insurance as self-employed health insurance as an S corporation owner, the premiums should be added to your wage income on your W-2 form, and then deducted by the corporation. You will then pick up the income on your personal tax return and then enter the self-employed health insurance deduction.

You can also have the deduction appear on your personal tax return by checking the "I personally paid health insurance .... and this corporation paid me wages" box you will see under the "Other Situations" screen you will see when you enter your S corporation K-1 form.

You also have to indicate in the form 1095-A entry screens (if applicable to you) that your insurance was part of a self-employed plan and you need to link the S corporation to your insurance plan as follows: