medical deductions

Forum|Forum|3 years ago
April 7, 2023
5 replies
66 views

I am self employed and purchased my own dental/vision plan outside of the marketplace. In the K1 worksheet it asks if i purchased my own healthcare and to enter the premiums there. Then when I go to the deductions and credits for medical premiums it asks me to enter the premiums i paid outside of the marketplace. Do I enter the premiums in both areas?

Best answer by AliciaP1

You need to associate your 1095-A with your K-1 entry and remove your dental/vision premium entries from the medical deductions section. The dental/vision premiums should be entered with the K-1 when it asks if you paid any premiums yourself. This will correctly report your premiums and maximize the deduction you are allowed.

To associate your 1095-A with your K-1 you can follow these steps in TurboTax Online:

Open or continue your return
Select Search and enter 1095-a
Select Jump to 1095-A and click Edit for the 1095-A you entered
Verify your form entries and Continue
On the Let us know if these situations apply to you screen click I'm self-employed and bought a Marketplace plan
Identify the type of K-1 you are associating this plan with (Partnership or S-Corp) and select the correct K-1 from the pop-up
Enter the 2022 dates of operation (if it existed all year select January for the start and December for the end)

@sheryldunton

DawnC

Level 15

No. If you entered your medical premiums expense with your K-1, you should be able to see the deduction on LIne 17 of Schedule 1. If you enter them again in the deductions and credits section, you will be double-dipping as they will show up on Schedule A as well. You can enter other medical expenses (other than the premiums you deducted on Schedule 1) in the medical expenses (Schedule A) section.

Please see this TurboTax Help Article.

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sherylduntonAuthor

Level 2

The 1095a I entered separately. Then I went to the medical deductions and it asks for premiums paid not including from 1095a or marketplace. So I just entered the dental /vision premiums I paid plus the marketplace payback. When I went to enter my info into the K1 it asks me if I paid any premiums myself. Do I enter the dental/vision there also? or which place do I put my dental/vision premium amount? K1 or medical deductions? Does it make a difference? Thank you.

AliciaP1Answer

Level 13

To associate your 1095-A with your K-1 you can follow these steps in TurboTax Online:

Open or continue your return
Select Search and enter 1095-a
Select Jump to 1095-A and click Edit for the 1095-A you entered
Verify your form entries and Continue
On the Let us know if these situations apply to you screen click I'm self-employed and bought a Marketplace plan
Identify the type of K-1 you are associating this plan with (Partnership or S-Corp) and select the correct K-1 from the pop-up
Enter the 2022 dates of operation (if it existed all year select January for the start and December for the end)

@sheryldunton

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Spino

Alumni - Champ

The marketplace being referred to is "Affordable Care Act" exchanges sometimes known as "Obamacare." These aren't included because they are reported elsewhere and if you put them in here they would end up appearing twice.