TurboTax will not apply my SE insurance expense to 1040 Schedule 1. The expense was on my W-2 so this needs the deduction to offset. I'm sure it was properly entered. Seems like an error in the program. Will not allow an override either. Any suggestions to get tech support?
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I’m confused by your mention of a W-2.
You may not take the self-employed health insurance deduction if you are eligible to participate in a health insurance plan maintained by your employer or your spouse’s employer.
SE insurance is for the self-employed. Self employed income does not come on a W2. There is some piece of information missing here. Your SE health insurance is listed on your sch C business and carries to the SE line.
Do you have a business and are you self-employed?
Appreciate the input. For an S-corp, the health does end up on the W-2. I found a worksheet that resolved the issue better than the directions within Turbotax.
Referring to the SE Health Insurance Adjustment to Income for an S corporation shareholder:
You may be able to use the Self-Employed Health Insurance (SEHI) deduction if you're at least a 2% shareholder in an S Corporation. To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.
The S Corporation can either purchase the policy in your name or reimburse you for the premiums you paid. The policy can also cover your spouse, dependents, and any nondependent children under the age of 27.
The SEHI deduction is generally more advantageous than claiming it as a "regular" itemized deduction. The SEHI deduction will appear on line 16 of Schedule 1 and may not exceed your W-2, box 5 amount.
How to claim the SEHI deduction in TurboTax
You'll need the K-1 that the S Corporation sent you. Here's how to enter it and claim the deduction:
Related Information:
Additional information is at the following link:
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