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Level 2
posted Jun 16, 2020 1:46:17 PM

Problem with "self-employed and bought a Marketplace plan" in Deductions and Credits section

My wife and I jointly own a small business. Turbotax advises to fill out separate Schedule Cs for each of us and split the finances between the two, so I have done that. Now, in the deductions and credits section, I have to associate our business with our health policy. But Turbotax sees each of my Sched. C's as separate businesses and only lets me associate one of them. Won't this affect the calculations?

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1 Best answer
Expert Alumni
Jun 22, 2020 11:22:42 AM

It will not effect the calculations.  This is so the program can calculate the Self Employed Insurance Deduction for you. This deduction will go on the main page of your Form 1040 and not on either Schedule C.  However, you will want to ensure that you are following the below process to enter your 1095-A form:

 

Here's how to enter your 1095-A in TurboTax:

  1. Open (continue) your return if you don't already have it open.
  2. In the upper right, search for 1095-A.
  3. Select the Jump to link in the search results.
  4. Answer Yes on the Did you receive Form 1095-A for your health insurance plan? screen and Continue.
  5. Enter your 1095-A info on the next screen and select Continue. We don't need all the info from your 1095-A, so we'll only ask about the info that affects your return.

1 Replies
Expert Alumni
Jun 22, 2020 11:22:42 AM

It will not effect the calculations.  This is so the program can calculate the Self Employed Insurance Deduction for you. This deduction will go on the main page of your Form 1040 and not on either Schedule C.  However, you will want to ensure that you are following the below process to enter your 1095-A form:

 

Here's how to enter your 1095-A in TurboTax:

  1. Open (continue) your return if you don't already have it open.
  2. In the upper right, search for 1095-A.
  3. Select the Jump to link in the search results.
  4. Answer Yes on the Did you receive Form 1095-A for your health insurance plan? screen and Continue.
  5. Enter your 1095-A info on the next screen and select Continue. We don't need all the info from your 1095-A, so we'll only ask about the info that affects your return.