How do I tie my self employment income to my 1095A market place health insurance form so I can deduct premiums paid?

[jmasjuan7]

How do I get reimburse from a health insurance penalty I paid in a previous year due to a hardship?

[SusanY1]

For your Marketplace plan, enter the information from Form 1095-A in the section for the from under Deductions & Credits (then medical/health insurance.)  TurboTax will automatically take the credit for self-employment health insurance equal to your net premiums later after you enter your business income and expenses (do not re-enter the health insurance expense.)

To claim the hardship exemption to the health insurance penalty, you will need to amend your tax return for that year.  Here is information about how to do that including links to each specific year that you may need to amend: How to amend a return in TurboTax.

[ckyan]

Can you explain a little further? Don't you enter the amount paid in Business expense.

For example if the total premium is $1000/mo, the Marketplace credit is $800/mo. Doesn't the $200/mo that the self employed pays is added to Business expense?

[BrittanyS]

To enter a 1095-A for self-employed individuals, follow the steps below:

1. Open or continue your return.
2. Navigate to the 1095-A section:
   • TurboTax Online/Mobile: Go to 1095-A.
   • TurboTax Desktop: Search for 1095-a, then select the Jump to link.
3. Answer Yes and enter your 1095-A info on the next screen.
   • We don't need all the info from your 1095-A. We'll only ask about the info that affects your return.
   • If you are self-employed you will mark the box "I'm self-employed and bought a Marketplace plan" in the 1095-A interview section of TurboTax.  You will answer the interview questions based on your business for the year. (See screenshot below)