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Common questions about SE Health Insurance in Lacerte
by Intuit• Updated 6 months ago
- Lacerte limits this 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 single business activity, you must indicate the form and activity name or number.
- Lacerte carries the limited amount to Form 1040 and carries the total premium entered (less the limited amount) to Schedule A as a medical expense.
- Lacerte doesn't limit the deduction when Form 2555 or Form 4563 is needed. When income is excluded from sources within Puerto Rico, or when the taxpayer claims a net operating loss deduction; if any of these situations apply, use the adjustment fields.
- Lacerte doesn't calculate the deduction when the taxpayer has net earnings and gains (other than capital gains) from the disposition, transfer, or licensing of property. You must manually adjust the calculation with the adjust fields.
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