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SELF EMPLOYED HEALTH INSURANCE

Forum|Forum|4 years ago
March 12, 2022
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I am trying to add a number to the SELF EMPLOYED HEALTH INSURANCE so it appears on 1040. Exactly how do I add that?

Best answer by VolvoGirl

Where to enter Self Employed Health Insurance
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-if-i-m-self-employed/00/27111

Self-employed health insurance deduction goes on Schedule 1 line 17, which goes to 1040 line 10, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 line 17, and the remainder gets added in to medical expenses on Schedule A.

BUT do not enter any Health Care Marketplace insurance you bought. If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section. So you shouldn't enter it again on schedule C.

AliciaP1

You need to "attach" your 1095A to your business income. TurboTax will then calculate the correct amount of the credit.

Once you have entered your 1095A information, you will mark that "I'm self-employed and bought a Marketplace plan". The next screen lets you choose the business that is associated with it and verifies the operating months of the business. Once you hit Continue past the 1095A entry to will see the credit calculated.

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T

theMezzManAuthor

I did not buy a market place plan.

M

Mike9241

did you have Marketplace insurance - you get a 1095A?. or did you have personal health insurance not through the Marketplace. . there should be a question as you are entering your schedule c information.

VolvoGirlAnswer

Where to enter Self Employed Health Insurance
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-if-i-m-self-employed/00/27111

Self-employed health insurance deduction goes on Schedule 1 line 17, which goes to 1040 line 10, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 line 17, and the remainder gets added in to medical expenses on Schedule A.

BUT do not enter any Health Care Marketplace insurance you bought. If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section. So you shouldn't enter it again on schedule C.

T

theMezzManAuthor

@VolvoGirl wrote:
Where to enter Self Employed Health Insurance
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-if-i-m-self-employed/00/27111

Self-employed health insurance deduction goes on Schedule 1 line 17, which goes to 1040 line 10, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 line 17, and the remainder gets added in to medical expenses on Schedule A.

BUT do not enter any Health Care Marketplace insurance you bought. If you enter the 1095-A and select the "Self-employed and bought a Marketplace plan" box, it will automatically include those premiums in the SE Health Insurance section. So you shouldn't enter it again on schedule C.

Thank you, but I can't seem to do that. I open in forms, go to Schedule 1 line 17 click on where it says "go to supporting form". That takes me to 1040/1040SR WKS - and Line 10 says "adjustments to income from schedule one line 26" and it has an amount in there already - which is not the premium I paid for insurance.

I do not see anywhere how to get the amount I paid for health insurance into the proper field.

L

Louie G

If your deduction is related to a K-1 entity, such as a S-corp, you have to scroll thru the K-1 entry worksheet to find a QuickZoom button for "Health Insurance premiums paid"

- no other way to find the form !

BY THE Way -- If you have medical premiums reported on your W-2, it does NOT automatically get entered into the appropriate forms that flow to Schedule 1. Lots of money at stake - now amending 3 yrs returns...

G

goonebear

thanks for your response. I also saw that I should not enter medicare parts B & D in social sec income so that these don't get pulled into schedule A medical deductions. But I saw something in Turbo tax BUSINESS (we have a partnership) that said I need to enter a business expense (where do I do that for health care and LT care insurance). If I do that, do I have to enter them in guaranteed payments? we pay the insurance premiums ourselves. Thanks!!

PatriciaV

Yes. If the partnership pays the insurance premiums, the amount is included in guaranteed payments to the partner and an expense to the partnership. Enter this in TurboTax Business under Deductions >> Compensation and Benefits >> Guaranteed Payments. These payments will be reported to the partner on Schedule K-1.

According to IRS Pub 541 - Guaranteed Payments:

"Premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments. The partnership can deduct the payments as a business expense, and the partner must include them in gross income."

However, if you pay the insurance payments as a self-employed individual, the cost is reported only on your 1040 return. Enter this in TurboTax Desktop/Online under Schedule C (Business) Expenses >> Self-Employed Health Insurance Premiums.

@goonebear

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