When you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions.
If you purchased your health
insurance directly with insurance and not Obamacare
-Go to Business
-Click "I'll choose what I work
on"
-Business Income and Expenses
-Business Expenses
-Other Common Business Expenses
-Insurance Payments
-Health Insurance Premiums
However if you purchased your
health insurance through it through Obamacare Plan (Form 1095-A)
- Select the Health Insurance section
of TurboTax.
- When
asked, Did you have health insurance coverage
in 2016?, select either the first or second option, depending on
your 2016 situation, and Continue.
- When
asked, Was anyone enrolled in a plan from a
Marketplace?, select Yes.
- When
asked, What type of plan were you enrolled
in?, select Obamacare plan (1095-A), and
then Continue.
- Follow the
prompts to enter your 1095-A.
- Enter your
Form 1095-A
- When asked,
Do any of these situations apply?
- Select
Self-employed and bought a Marketplace plan.
Then you will see Which
business income is tied to this policy?
