Skip to main content
F
frankxx7
December 7, 2019
Question

Where are Health Insurance Premiums mapped to on P&L. They do not show.

  • December 7, 2019
  • 4 replies
  • 0 views
Original commenter did not share additional details

4 replies

AlexV
AlexV
December 7, 2019

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.

F
frankxx7Author
December 8, 2019

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?

    BettyJaneB
    BettyJaneB
    December 8, 2019

    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!

    J
    jeet-7698
    April 23, 2021

    If you need an effective hospital management system, go within the list of top hospital management software by TechImply below. A hospital software makes you deliver high-quality standards in terms of performance services that include management of subject data, medication, and other such documents. Also, a hospital management system can help medical officers and agents detour common errors that cannot be provided in healthcare by tracking each single data required. The most satisfying part is that you can concentrate better income management with customized hospital management software so that you can manage your profitability besides assisting humankind.

    D
    dev1980
    December 13, 2023

    In QuickBooks or any accounting software, health insurance premiums are typically recorded as an operating expense on the Profit and Loss (P&L) or Income Statement.

    N
    nithaya
    July 13, 2024

    In QuickBooks or any accounting software, health insurance premiums are usually recorded as an operating expense on the Profit and Loss (P&L) or Income Statement.

    L
    LollyNino_C
    July 13, 2024

    Welcome to the Community, @nithaya. Let me provide information regarding Health Insurance in QuickBooks Self-Employed (QBSE).

     

    The Health Insurance Premiums are not considered part of your self-employed expenses. Even if we classify it as your business expenses, it will not be reflected in the Profit and Loss report.

     

    Please note that the Profit and Loss report in QuickBooks Self-Employed (QBSE) only includes the Schedule C expense categories. You can check out this article: Categories in QuickBooks Self-Employed.

     

    You can consider exporting the P&L report to Excel and manually adding the Health Insurance Premiums to include it.

     

    You'll want to learn more about the types of healthcare deductions and how they can affect your quarterly tax estimates in these articles:

     

     

    Feel free to reach out if you have any further questions about your Profit and Loss report. Let us know in the reply section below.

     

    N
    nithaya
    July 13, 2024

    Was this issue ever resolved? I’m encountering the same problem. I want my health insurance premiums to be displayed as a business expense on my P&L.

     
    Terms & ConditionsAccessibility statement