Question

Self employed and paid insurance premiums to the Marketplace. Software says NOT to enter this as a business expense but 1095A says to.

Forum|Forum|4 years ago
March 21, 2022
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TurboTax Self Employed Online

It is not a business expense, but it may be deductible from your personal income. When you enter the form 1095-A in TurboTax, check the box that says I'm self-employed and bought a Marketplace plan and you will be asked to link the policy to your business. You will see the screen after you enter your 1095-A form on the screen that says Let us know if these situations apply to you.

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K

komita55

I am confused whether to check the box that asks "I am self employed and have marketplace" because I AM self-employed but my wife has marketplace insurance, not me. We file married jointly.

Do I check it or not? Does the word "I" mean both of us anywhere when filing jointly? Thanks!

AliciaP1

If you are the business owner but are not covered by the marketplace insurance, then you do not check the box. The "I" applies to either the taxpayer or the spouse on the return, but not both at the same time.

@komita55

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VolvoGirl

Employee

Where to enter Self Employed Health Ins

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 Form 1040 Schedule 1 line 17 then 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 Form 1040 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.