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Why does turbotax add my self-employed healthcare deduction on Schedule C with the amount on the 1095A and put it on line29 of the 1040?
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Why does turbotax add my self-employed healthcare deduction on Schedule C with the amount on the 1095A and put it on line29 of the 1040?
Yes, if you reported self-employment income on Schedule C AND you used that income to buy health insurance through Healthcare.gov or your state Marketplace, you can deduct your premiums on your taxes. However, you need to tie that income to your 1095-A so TurboTax can properly calculate the deduction amount.
Access this section by choosing Personal >> Health Insurance.
Note that you may not deduct health care premiums paid to the Marketplace on Schedule C. Instead, you receive an adjustment to your taxable income "above the line" on Form 1040.
After you enter the information from Form 1095-A, look for the page "Do any of these situations apply?" Check the box for "Self-employed and bought a Marketplace Plan" (see screenshot below - click to enlarge), choose the business that should be tied to this policy, and answer the remaining questions.
TurboTax will calculate the amount of Premium Tax Credit you should have received and how much you need to pay back (or how much more you'll receive). The actual premiums you paid plus/minus this adjustment is reported on Form 1040 Line 29.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Why does turbotax add my self-employed healthcare deduction on Schedule C with the amount on the 1095A and put it on line29 of the 1040?
Yes, if you reported self-employment income on Schedule C AND you used that income to buy health insurance through Healthcare.gov or your state Marketplace, you can deduct your premiums on your taxes. However, you need to tie that income to your 1095-A so TurboTax can properly calculate the deduction amount.
Access this section by choosing Personal >> Health Insurance.
Note that you may not deduct health care premiums paid to the Marketplace on Schedule C. Instead, you receive an adjustment to your taxable income "above the line" on Form 1040.
After you enter the information from Form 1095-A, look for the page "Do any of these situations apply?" Check the box for "Self-employed and bought a Marketplace Plan" (see screenshot below - click to enlarge), choose the business that should be tied to this policy, and answer the remaining questions.
TurboTax will calculate the amount of Premium Tax Credit you should have received and how much you need to pay back (or how much more you'll receive). The actual premiums you paid plus/minus this adjustment is reported on Form 1040 Line 29.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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