The figures for my Self Employed Health Insurance are wrong and are being overstated.
My actual premium was 20,218. That is reported on correctly on form 7206. Schedule 1 is shows 44,194.
It looks like it is duplicating this because it is adding the premium reported on my 1095-A.
How so I fix that.
Also, on 1095-A I have 5,220 of PTC that needs to be repaid. I see that goes in as an additional tax line. Do I add that number in to the premium so that I get a credit for it?
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You only enter it from the 1095-A. When you enter the 1095A there should be a box to check for self employment. 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. And the repaid amount is a circular calculation. Turbo Tax handles it.
Self Employed health Insurance does not go directly on Schedule C so it will not reduce your Net Profit or self employment tax.
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, and the remainder gets added in to medical expenses on Schedule A.
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