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Self employed health premiums greater than income - should I split it
My health insurance premiums are greater than my self-employed earnings, so I can't take the full deduction through schedule 1. Turbotax has reduced the deduction (not sure how it came up with the amount.
I am also claiming medical expenses greater than 7.5% of my total income through the personal deduction section.
Should I subtract the amount that Turbotax came up with for schedule 1 from my total premiums and enter the remainder as medical premiums in the personal deduction section?
Total premiums $29,409
Turbotax calculation on schedule 1 $18,691 (how does Turbotax figure out this amount?)
Remainder $11,718
‎April 12, 2024
8:56 AM