Deduction for ACA insurance for self employed sole proprietor
I already filed for 2024 with the HR Block tax software. However, I think I missed out on adding in the health insurance premiums I paid throuh ACA.
Can ACA premiums for a self employed sole proprietor be written of on Schedule 1, line 17?
I paid $22,327 in premiums and got $779 in tax credit which I had to pay back because I ended up making more than I thought I would.
I have no other employer or income other than my self employed business. So ACA was the only insurance I could get.
I just ran a test through the software and entered $22,327 in the section where it asked if I paid health insurance premiums for being self employed. It lowered my taxes by over $4,000. So I'd really like to do an amended return but want to make sure that ACA premiums qualify for as self employed insurance premiums.
Comments
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ACA premiums do qualify for the self-employed health insurance deduction, but only for the portion not already covered by the Premium Tax Credit. This deduction would be reflected on Schedule 1, Line 17.
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