Where do I enter my health insurance premiums if I'm self-employed?
Any Health Insurance Marketplace premiums you paid will be reported on Form 1095-A, which you should get by mid-February. Once you have it, simply follow these directions to enter your 1095-A in TurboTax.
If you paid COBRA premiums, and the policy is in a former employer's name, enter it as a personal medical expense (on the Enter Insurance Premiums screen which is near the end of the medical expenses interview).
For all other self-employed health insurance premiums, follow these steps. You'll need to be in the Home & Business version:
- Open your return and click the Business tab.
- Continue to How do you want to enter your business income? and click I'll choose what I work on
- Choose Update for Business Income and Expenses.
- Choose Edit next to Business.
- Under Other Common Business Expenses, choose Start or Update.
As a self-employed person, you're allowed to deduct premiums up to the amount of your net business income; the premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.