<p>Hi Everyone,</p>
<p>We have been paying our own Health Insurance Premiums and claim the deduction on our taxes. We have been using Turbo Tax for our taxes and the AGI under Turbo Tax does not reflect the deduction of our Health Insurance premiums. Where on the FAFSA can I put his credit or is it considered under "Enter the amount of your parents' income tax for 2013. This amount is found on IRS Form 1040-line 55."?</p>
<p>Does this make sense?</p>
<p>You can’t put it anywhere on FAFSA. Health insurance premiums are an itemized deduction along with other medical expenses (not a credit) and are not reported on FAFSA. (except for self employed people who can sometimes deduct them as a pre AGI adjustment in which case they would be reflected in the AGI).</p>
<p>FAFSA has some income protection built into the EFC formula. Part of this is for medical.</p>
<p>If you have large medical and dental expenses, you may request “professional judgment” from your school’s financial aid officer. See <a href=“http://www.ifap.ed.gov/presentations/attachments/1208C3308.ppt[/url]”>www.ifap.ed.gov/presentations/attachments/1208C3308.ppt</a></p>
<p>Someone else has just privately emailed me and said if you hit Income Estimator under the FAFSA you can put the premiums under the category “IRS-allowable adjustments to income” (payment to IRA and Keogh Plans, one-half of self employment tax, self-employed health insurance deduction, interest penalty on early withdrawal of savings, alimony paid, and student loan interest deduction)</p>
<p>OP, are you asking about self-employed health insurance deduction?
If you’re self-employed and you input your information correctly, Turbo Tax should calculate you AGI with the self-employed health insurance deduction.</p>
<p>But if you are doing the actual FAFSA, not using an income estimator, you have to enter data as it appears on your tax return. If it is self employment health insurance (which must meet very specific rules including having self employment income), then it would already show as a pre AGI adjustment on your return so would be reflected in the AGI in FAFSA. If it is an itemized deduction, it would be in schedule A on your tax return and can not be reported anywhere on FAFSA.</p>
<p>All the items you were emailed with are pre AGI deductions.</p>
<p>How did you report your health insurance?</p>