Schedule C medical insurance/Confused please help lol

[minuet80203]

I am self employed and purchased health insurance thru the marketplace and received my form1095A. I know this is taken on 1040. If I don't take it on my schedule c expenses then I am not getting a break on self employment tax.  Correct? I've seen where you can take a portion on your business expenses and have terrible instructions on how to do this. Or am I missing something? As it stands right now I just filled the premium tax credit form and that's it. 

This is what I found on a self tax prepare site but no idea what they are talking about. Why didn't it just do it automatically if i am filling out schedule c. Don't want to accidentally double dip. 

Thank you, Hope you understand what I am talking about. lol. Below is what I found. ?????

One method of figuring out how to not double count the premiums is described below. This method is optional, and the IRS allows other ways of allocating as long as they meet the qualifications for the deduction or credit. Other methods are described in IRS Publication 974 .

Complete your return and enter your premiums both on the Business Income screens as well as the Premium Tax Credit screens.
View your federal tax return and find the amount on Form 8962, Line 24.
Subtract the amount in Step 2 from the amount of premiums that you entered on both the Business Income screens as well as the Premium Tax Credit screens.
Your Self-Employed Health Insurance Deduction is the smaller of:
The amount calculated in Step 3,
Form 8962, Line 11A (or the totals of Form 8962, Line 12A through Form 8962, Line 23A) minus Form 8962, Line 25 plus Form 8962, Line 29, or
The self-employed earned income from the business you entered your insurance premiums on.
Enter the amount from Step 4 on the Business Income screens for the amount of health insurance premiums paid. You don't need to adjust your premiums entered on the Premium Tax Credit screens.
If your deduction in Step 4 was only limited by your self-employed earned income, then you can enter the remaining insurance premiums as an itemized deduction.
Was this helpful?

[VolvoGirl · Accepted solution]

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 17 then to 1040 line 10, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 and the remainder gets added in to medical expenses on Schedule A.

BUT do not enter any Health Care Marketplace insurance you bought.  If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section.  So you shouldn't enter it again on schedule C.

[VolvoGirl]

Sorry no.  It won't go against your self employment tax.  It just reduces your AGI Adjusted Gross Income and the regular income tax.  You get to deduct from your income without needing to itemize on Schedule A.