I can share details about healthcare deduction, frankxx7.
The Health Insurance Premiums aren't part of your self-employed expenses. Therefore, it won't show on your Profit and Loss report. It will reflect only on your Tax summary.
On the Reports tab, you can pull the Tax summary instead. Simply select the reporting year and and click on View to open it.
You can read these articles for more details:
Post again if you have more questions. I'm here to help.
It is an expense. Why is it not included as an expense in report? Can I request that it be included like all other expenses? What's the reason for not including it as an expense?
It's nice to have you back, @frankxx7.
Yes, you are correct Health Insurance Premium is considered as an expense. However, the amounts will only be reported on the P&L at the end of the year. You will do manually upon paying your taxes to Turbotax.
IRS ensures that you had self-employment earnings throughout the year. Once you submit your taxes, the agency will validate all these expenses.
To give you more information about reporting the Health Insurance Premium in QBSE, please see these links:
Let me know if you have any other questions on this or with QuickBooks. I'd be happy to help you out. Have a lovely day!
You did not answer my questions. I am a CPA and know the tax laws pretty well so I don't need any extra info. I just want my questions answered if possible. Why is it not included as an expense in the P&L report? Can I request that it be included like all other expenses?
I can clear up that confusion, frankxx7.
QuickBooks Self-Employed treats medical premiums as personal expenses, so they're not included in our calculations for estimated taxes or business expenses. That’s the reason why they won’t show in the Profit and Loss Report.
For high medical expenses, you may be able to deduct a portion of them from the annual tax return. I suggest visiting the TurboTax Community for further guidance about tax related and financial topics.
The following article provides an overview to help determine the eligibility of healthcare deductions: How do I?
If you have further questions about the product, leave a comment below. I’ll jump right back in to assist further. Have a good one.
"QuickBooks Self-Employed treats medical expenses as personal expenses. They're not included in our calculations for estimated taxes or business expenses."
I classified it as "business" not "personal" but it still does not show up on P&L
We'd like to direct you to our Customer Care Support, frankxx7.
This way, we can further check on why transactions that are classified as a business type aren't showing up in the Profit and Loss report.
Here's how you can reach out to us:
Don't hesitate to visit us here if you have other questions or concerns. Thanks.
I tried Customer Support. They do not know the answer. They directed me to the tax section. I classified it as a business expense so it should show as such on P&L, Can I request this be fixed?
Hello there, frankxx7.
The Health Insurance Premiums are not part of your QuickBooks expenses. That said, it'll still not show to the Profit and Loss report even if we classify it as your business expenses.
You may consider exporting the P&L report to Excel and create your own P&L report. From there, you can add the Health Insurance Premiums.
Post again if you need further assistance. We're always here.
It is a business expense that is not being mapped to the P&L report. Can I request this to be fixed so I don't have to do it manually?
It would be best to contact our Technical Support team first, to have this issue investigated.
It's quite unusual for a business expense to not be included in the Profit and Loss report. Our Technical Support team can check as to why this is happening.
Take a look at this article for the steps on how you can contact Technical Support: Contact QuickBooks Self-Employed Support.
As for any future feedback and suggestions, please feel free to post it here in the Community. We always love to hear from our users since this enables us to improve.