Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

I am trying to find the line for premiums paid by self employed individuals. Ideally, I would like it on the "C", as he hasn't many deductions for "A"?

shellseeker99
Level 1
I am also self employed, and last year there was a line for this.  I would appreciate help.
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

6 Comments 6
Just-Lisa-Now-
Level 15
Level 15

"I am trying to find the line for premiums paid by self employed individuals. Ideally, I would like it on the "C", as he hasn't many deductions for "A"?"

Health insurance premiums for self employed are never a Sch C deduction, they are an adjustment to income on Sch 1, Part II of the 1040.

Im not familiar with ProConnect tax Online, but doesnt it have  Search box that can help you find the entry area for Self Employed Health Insurance?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
qbteachmt
Level 15

"Ideally, I would like it on the "C", as he hasn't many deductions for "A""

Except you don't get to do whatever works out better. You do what applies. You will want a link for the deduction to the fact of that Sched C business, or if there is more than one qualifying activity, of course, so that the full amount possible gets computed. It's not a business deduction; it's personal.

"By default, the program limits this SE health insurance deduction to the lesser of the total premiums entered or the net earnings from self-employment minus qualified retirement plans and one-half of the self-employment deduction on Form 1040. To limit the deduction based on the net income of a singe business activity, you must indicate the 'Form' and 'Activity Name or Number'. The program carries the limited amount to Form 1040 and carries the total premium entered, less the limited portion, to Schedule A as a medical expense."

I found these articles as reference:

https://proconnect.intuit.com/community/medical-tax-credits-and-deductions/help/generating-the-se-he...

https://proconnect.intuit.com/community/medical-tax-credits-and-deductions/help/how-do-i-enter-the-s...

 

*******************************
"Level Up" is a gaming function, not a real life function.
Aprilpekary
Level 2

If the taxpayer enters their medical premiums into the program via the 1095A form, I would expect PTO to use those premiums to calculate the medical premiums deduction based on the amount of SE income. However, the total premiums from the 1095A just went to line 1 of Schedule A. In my case the taxpayer had less SE income than medical premiums, so PTO should have taken the amount of premiums that could be deducted on the 1040 and then put the REMAINDER on line 1 of schedule A. I had to use overrides to fix this. Note: Turbotax does this calculation for you, but not PTO. 

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

I know in ProSeries we have to link to the Sch C at the bottom of the form 1095A for it to do the correct calculation for SE health insurance..Im not familiar with ProConnect to know if they have something similar.

@George4Tacks  don't you speak ProConnect?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Aprilpekary
Level 2

To Just-Lisa-Now:

Thank you very much, you just gave me the key. I looked at the bottom of the 1095A input page and there was the place to link the premiums to SE income, sch C and/or sch E. Can't wait until I can speak fluent Proconnect! It's so hard for me to navigate as a new user....

George4Tacks
Level 15

It can be found in Deductions > Adjustments to Income > across the top - Health Insurance 


Here's wishing you many Happy Returns
0 Cheers