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February 18, 2023
Solved

TT2022 allows Social Security Part A premiums to be fully deductible on Schedule C even when there is a net loss (and should not)

  • February 18, 2023
  • 1 reply
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I entered my Medicare premiums as deductible health insurance expenses on Schedule C and even though the business had a small net loss TT allowed the premiums to be fully deductible which created a larger loss. In theory health insurance premiums should be deductible only to the extent that the business has a net profit. So this seems to be a TT bug.

    Best answer by VolvoGirl

    You must have entered it under the wrong place as health insurance you paid for your employees.  What version are you using?  Online Self Employed version or the Desktop program?

     

    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

     

    How to enter in the Desktop Home & Business version
    https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-in-turbotax-cd-download-home-business-if-i-m-self/00/26387

    1 reply

    VolvoGirl
    VolvoGirlAnswer
    Employee
    February 18, 2023

    You must have entered it under the wrong place as health insurance you paid for your employees.  What version are you using?  Online Self Employed version or the Desktop program?

     

    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

     

    How to enter in the Desktop Home & Business version
    https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premiums-in-turbotax-cd-download-home-business-if-i-m-self/00/26387

    Doc31Author
    February 18, 2023

    You were dead on.  That is exactly what I had done.  Thank you!