For tax years 2023-2025:
Taxpayers with a household income that exceeds 400% of the federal poverty line for their family size may be allowed a PTC. For more information, click here.
If Form 8962 is generating with a Premium Tax Credit and you have a self-employed health insurance deduction on Form 1040, Schedule 1, line 16, ProConnect Tax will calculate your deduction and credit.
What's new for the Self-employed health insurance deduction for tax year 2023:
Starting in tax year 2023 the IRS has released Form 7206 to calculate the Self-employed health insurance deduction for the 1040. In tax years 2022 and prior, the IRS used the Self-employed health insurance deduction worksheet from the 1040 instruction booklet to calculate the allowable deduction on the 1040.
Indicating the 1095-A is for a Self-employed health insurance deduction
- Go to the Input Return tab.
- Click on the Credits section on the left-hand side of your screen.
- Scroll down and select Premium Tax Credit (1095-A, 8962).
- Click on Form 1095-A - Health Insurance Marketplace Statement.
- Scroll down to the SE Health Insurance section.
- Select the applicable form in the field Form (Click on arrow to select from list) from the dropdown menu.
- Select the applicable Activity name or number from the dropdown menu.
- Enter the Related activity start month (if applicable).
- Enter the Related activity end month (if applicable).
Entering amounts in Adjustments to Income
- If the amount of SE Health Insurance deduction entered in the screen Adjustments to Income (under the Deductions section) is the same amount entered in the screen Form 1095-A - Health Insurance Marketplace Statement, you'll need to remove the amount from the Adjustments to Income screen before completing the steps above.
- Only enter in the Adjustments to Income screen those premiums not entered elsewhere.
