Solved

Why is TurboTax denying my health insurance expenses as a business deduction when said income is roughly 4X said health insurance cost?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

Can contributions to a self employed 401K (in my case an SEP) based on selecting TurboTax maximum contribution calculation option reduce effectively reduce my taxable business enough to impact my health insurance cost deduction?

TurboTax Home & Biz Windows

Best answer by BillM223

Yes, your 401(K) contribution can have the effect of reducing your net Schedule C income to zero, which eliminates your ability to deduct health insurance expenses.

See the discussion at https://ttlc.intuit.com/questions/4241367-healthcare-premium-business-deduction, especially the comments at the end.

B

BillM223Answer

Yes, your 401(K) contribution can have the effect of reducing your net Schedule C income to zero, which eliminates your ability to deduct health insurance expenses.

See the discussion at https://ttlc.intuit.com/questions/4241367-healthcare-premium-business-deduction, especially the comments at the end.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"