Is 1095 Marketplace costs deductible for the SE?

Forum|Forum|3 years ago
March 19, 2023
2 replies
31 views

Good morning, Community,

I'm very sorry if this is a duplicate post but I can't seem to find the original.

In a nutshell, if my self-employed day care client purchases health insurance through the marketplace, is that deductible on Schedule 1 rather than personal itemizing? It seems from my reading that Schedule 1 is the proper way for SE health insurance premiums but I'm not sure how to make that happen and/or if purchasing through the marketplace negates that benefit?

Also, if it matters, client is MFJ, but spouse's insurance is through Medicare.

Thank you, and hope everyone has a marvelous day!

Dawn

ProSeries Basic

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

At the bottom of the 1095A entry sheet you can link it to the Sch C. The program will do the rest.

Just-Lisa-Now-

Answer

Intuit Community Champion

At the bottom of the 1095A entry sheet you can link it to the Sch C. The program will do the rest.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

Terry53029

Intuit Community Champion

Also be aware that since 2012, the IRS has allowed self-employed individuals to deduct all Medicare premiums (including premiums for Medicare Part B – and Part A, for people who have to pay a premium for it – Medigap, Medicare Advantage plans, and Part D) from their federal taxes, and this includes Medicare premiums for their spouse.

SensibleandHourlyAuthor

Level 6

Thank you, I did not know you could deduct the spouse's Medicare premiums, that will be fabulous for these clients. Does that amount get put on Schedule C, line 15 rather than the Schedule 1?

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Terry53029

Intuit Community Champion

Yes schedule C line 15 in the box for self employed health insurance. Do not put any amounts from the 1095A. As Lisa said just link to schedule C on the 1095A.

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