1095A and 1095C

[dalije]

Very Confused..

I have a small business that for the months Jan - April 2020 had a market place Health Insurance account. I was hired full time in Feb. 2020 so I went on the companies health plan when I was eligible and stopped my self-employed plan. I still have my small business on the side. I also have 2 kids (dependents) still on my taxes but they also submit there own 1040's thus I need to calculate there MAGI. I sent in my taxes and it got kicked back saying the self insured deduction in the 1040 worksheet was wrong. The message also said a new  worksheet form was coming out on 4/30/21. I think a added my MAGI wrong also. 

My questions are : Since I had self employed health insurance for only 4 months, do I still calculate my kids MAGI for the full year or try to figure out only those 4 months and then also on my business income, do I take the full year income or figure out the first 4 months...?

Where if any does the form 1095C come into play......? thanks .....!!

[AmeliesUncle · Accepted solution]

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@dalije wrote:

I sent in my taxes and it got kicked back saying the self insured deduction in the 1040 worksheet was wrong. The message also said a new  worksheet form was coming out on 4/30/21.  I

Since I had self employed health insurance for only 4 months, do I still calculate my kids MAGI for the full year or try to figure out only those 4 months and then also on my business income, do I take the full year income or figure out the first 4 months...?

Where if any does the form 1095C come into play......? thanks .....!!

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The rejection is due to the new law that removes the repayment of the Advance credit.  Hopefully it will be updated soon, or you could manually enter the amount you paid for insurance.

It is based on the full-year income.

If you did not have Marketplace insurance during the time you were ELIGIBLE for employer insurance, just ignore the 1095-C.

[dalije]

That does explain a lot and very helpfully however I'm still stuck waiting for this worksheet to get updated...

I update my Turbotax every time I get on but it never says what the update(s) were. Any idea how I can determine when this worksheet is updated and or is there another place (IRS.gov) where I can find out if its been sent out? Does Turbo Tax usually get these updates out rather quickly or is there a delay by x amount of time? (The only reason I'm asking about the IRS site is that its a maze trying to find things out, something like the Microsoft web site. Maybe you have a short cut............ )

Thanks

[91kuipo]

Do I need to enter 1095B and 1095 C on my tax return

[LeonardS]

No, you do not enter Forms 1095-B or 1095-C on your tax return.  They are informational only to show you had health insurance.  You may keep them in your tax file.

@91kuipo