HELP!!! Self-Employed health insurance deduction with 1095-A NOT populating on Schedule 1!!!

Forum|Forum|2 years ago
February 28, 2024
2 replies
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I've been doing this for over 4 hours, like everyone online, ready to pull hair off!

I've read just about every post that is relevant that is 2024 as old ones are not helpful. I've been using TurboTax for over 15 years, so I know what I'm doing, I believe.

It won't even let me override on Schedule 1 Line 17... what do I do???

I have BOTH Schedule C and S-Corp K-1 businesses, so I can use either. Tried both, and it only populates in Schedule A, which then zeros out if it doesn't meet the medical expense threshold. I NEED IT TO POPULATE ON SCHEDULE 1 - Line 17!

Ask the Experts - SelfEmployed - Feb 2024

Best answer by DawnC

Dawn, I entered the businesses, as in previous years, through the Step-by-Step process.

They are showing up in these order, which may not have to do with the order entered? It's the order of the Step by Step interview.

1. Schedule C loss

2. Schedule E loss

3. Schedule K-1 S-Corp income

Any new tips? Are you suggesting I delete Schedule C and E then?

No, do not delete anything. If the Schedule C has a loss, you can't enter a health insurance deduction for that business. For the K-1, the S Corporation can either purchase the policy in your name or reimburse you for the premiums you paid.

You may be able to use the Self-Employed Health Insurance (SEHI) deduction if you're at least a 2% shareholder in an S Corporation. To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.

To claim the SEHI deduction in TurboTax, you'll need the K-1 that the S Corporation sent you. Here's how to enter it and claim the deduction:

With your return open in TurboTax, search for K-1 and select the Jump to link.
Select Yes to Did you receive any Schedules K-1 or Q?
Select Start or Update next to S corporations (Form 1120S) and follow the screens, filling out info as you go.
On the Check boxes that have an amount or are checked on the form screen, select Box 17 Info and any other boxes that contain info on your K-1.
Select Continue.
On the Enter Box 17 Info screen, select AD - Other Information in the Enter Code field.
Enter the amount and select Continue.
Select Continue to skip the first Enter Code AD Detail screen.
On the second Enter Code AD Detail screen, enter Shareholder's Health Insurance Premiums in the Description field.
Enter the amount and select Continue.
Select Continue to skip the How to Enter Code AD Information screen.
On the Other Situations screen, select I personally paid health insurance... and then Continue.
On the Self-Employed Health Insurance screen, fill in the W-2 box 5 amount and the amount of health insurance premiums you paid (this may be on your W-2 in box 14).
- If you purchased insurance through Healthcare.gov or your state marketplace, leave the second box blank.
Select Continue.
On the Long-Term Care Insurance screen, enter any long-term care premiums and select Continue.
Select Yes or No to Does your K-1 have a code V in Box 17?
- If you selected Yes, follow the screens until you reach the S Corporation K-1 Summary.

DavidD66

To claim the self-employed health insurance deduction in TurboTax Online:

Click on Search and type in "Self-employed health insurance deduction"
Click on "Jump to self-employed health insurance deduction"
Click Review next to your Business
Click on "Add expenses for this work"
Click on "Less common"
Go to the second page of less common expenses and scroll down to "Health Insurance Premiums", check the box and click on Continue
Enter your health insurance premiums you paid for yourself, your spouse, and your dependents (under age 27) in 2023. Don't enter premiums you paid for your employees or premiums paid through Healthcare.gov or your state marketplace.

Be sure you only enter the net premium you paid. Do include any Premium Tax Credit you may have received.

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oc007Author

I had downloaded TurboTax Home and Business, I don't think I have the ONLINE version.

I have be mindful not to click on anything other than 1095-A Marketplace health plan and clicked on "I own a business" too.

sandrasouther

UPDATE - NEVERMIND! I FOUND IT!!

Nowhere on the 1095-A page do I see that question. I have Home & Business 2024. Can anyone please tell me where i can find that question or how else I can link my self-employment to my 1095-A to get the deduction????

I'm SO frustrated!

CO-Crottys

You are not alone. I'm having issues with self-employed health insurance. I input info on 1095-A and see a random $1,800 self-employed health insurance deduction in Schedule C (where it says not to input it)? I did not put in there because we purchased insurance thru a healthcare plan. Please help, Turbo Tax.

ThomasM125

I don't know where on Schedule C you would see a health insurance deduction, as there is no line reserved for that on the form. Maybe it is listed on a worksheet that will not be filed with your return.

When you complete your Form 1095-A entry you need to indicate that you are self-employed and bought a Marketplace plan:

Then you assign the plan to your business:

You will see the allowable self-employed health insurance deduction on line 17 of Form 1040 schedule 1. It may be less than your premiums paid as it is affected by your premium tax credit.