My wife has been self-employed all year and I joined her in August. We are also insured through the Affordable Care Act through Healthcare.gov. I am seeing where we can enter information for an additional self-employed tax credit. Would this apply to us

[ecada]

Should I not take the additional credit, take the additional credit for the months we were both self-employed, or take the additional credit for the whole year?

[Fern · Accepted solution]

The additional benefit for self-employed insurance is a deduction of the premium in calculating your adjusted gross income. It is not a tax credit.

You can claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an employer-subsidized health plan. Premiums paid for a policy obtained through the Affordable Care Act would qualify for this deduction.

See the article below for additional information.

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Deducting-Health-Insurance-Prem...