I am self employed through S corp and inserted my schedule k1. when I upload my 1095-A info, it is not reducing my federal taxes due why not? It should be valid deduction
I am self employed through S corp and inserted my schedule k1. when I upload my 1095-A info, it is not reducing my federal taxes due why not? It should be valid deduction
Did you receive a premium tax credit for your insurance for the Marketplace? If so, if it covered the full premium, you cannot also use that insurance to claim the self-employed health insurance deduction.
Did you have a profit on your K-1? If you did not have a profit, you would not be able to claim the insurance deduction as the insurance cannot create a loss.
If you did not receive a Premium Tax Credit, either in the form of the Advanced Premium Tax Credit or getting on your return now as a refund, then you would need to go back and double check the following:
In the K-1 Entries, be sure you select I personally paid health insurance and or long term care insurance premiums for myself and my family. Then continue through. You will not enter these premiums in the box in this section.
Double check your entries under the 1095-A section. Be sure you check the box that says you were self-employed and also select your S-Corp and the months you were self-employed.
If you did all of that, then you can look at Schedule 1 line 17 to see if you received a Self-Employed Health Insurance deduction.
In the K-1 Entries, be sure you select I personally paid health insurance and or long term care insurance premiums for myself and my family. Then continue through. You will not enter these premiums in the box in this section.
Just to clarify, you don't enter the premiums there, but you DO enter the amount from Box 5 of the W-2 you received from the corporation.