TurboTax Premier bug in Enter Your Business Expenses

Make sure that the income and expense information are reporting correctly by viewing your tax return.  You can review the 1040 in TurboTax Online by following these directions. 

• Down the left side of the screen, click on Tax Tools.
• Click on Tools.
• Under Other helpful links, click on View Tax Summary.
• Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
• Down the left side of the screen, click Back to return.

Business income is reported on Schedule 1 Part I line 3 and on Federal 1040 line 7a.

 

You can print or view your full tax returns prior to filing after you have paid for the software.

Thanks for quick reply.

I am using the 

TurboTax Premier

2019 desktop software on Windows 10.

I have zeroed in on the error to the Self Employed Health Insurance Premiums line.

Numbers entered on that line is not subtracted from the gross income!!!

 

Aik-Siong Koh

 

 

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.  

 

In TurboTax Premier, update the Business Expenses - All other expenses section.  The SE Health Insurance Deduction is within that section.   Click Update next to Business Income and Expenses (Sch C).   Then click on Edit next to your business on the list.   You will need to click through all the screens you previously entered to get to the screen below.  

 

 

 

 

Also, the amount of the deduction entered here does not get deducted from your Schedule C.  You will find the deduction on Line 16 of Schedule 1.  It is an adjustment to income on Form 1040.   Any premiums you paid for your employees will show up on Schedule C.