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dcandrsn
New Member

I am self employed and I am enrolled in the affordable care act. I made more income than I thought so now I owe the excess advancement. Can I add this to Sched 1 line 29?

It doesn't seem that Turbo Tax is adding the excess advancement that I owe to the "Self-employment health insurance deduction" on line 29.

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Accepted Solutions
Ashby
New Member

I am self employed and I am enrolled in the affordable care act. I made more income than I thought so now I owe the excess advancement. Can I add this to Sched 1 line 29?

If you are self-employed, you can deduct all your health insurance premiums.

If you have a Marketplace health insurance policy, your health insurance premiums are the sum of the premiums you actually paid out plus any repayment of the advance premium tax credit.

You must link your 1095-A to your business. Revisit your 1095-A and on the page Do any of these situations apply? put a check mark on Self-employed and bought a Marketplace policy, then follow the interview (see screenshot added to my main answer).

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1 Reply
Ashby
New Member

I am self employed and I am enrolled in the affordable care act. I made more income than I thought so now I owe the excess advancement. Can I add this to Sched 1 line 29?

If you are self-employed, you can deduct all your health insurance premiums.

If you have a Marketplace health insurance policy, your health insurance premiums are the sum of the premiums you actually paid out plus any repayment of the advance premium tax credit.

You must link your 1095-A to your business. Revisit your 1095-A and on the page Do any of these situations apply? put a check mark on Self-employed and bought a Marketplace policy, then follow the interview (see screenshot added to my main answer).

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