I retired early and have been living on savings before taking SS or IRA withdrawals, so my income is minimal. After COBRA ended, I was directed toward Medicaid because of my income. I declined Medicaid and signed up with the Health Insurance Marketplace but declined premium credits because I have assets. Entering the 1095-A in TurboTax shows that I would receive a huge premium credit, but I plan to not use this or file the Form 8962. Could I still claim the premium payments as deductible medical expenses? Any other advice? I'm trying not to take advantage of a program for people who really need help, but I don't want to miss a legitimate deduction.
Because you were eligible for Medicaid, you don't qualify for the Premium Tax Credit. For the SLCSP (column B of the 1095-A) enter 0.01 for each month. That will disqualify the credit for you.
Yes, the cost of insurance is a deductible medical expense. In fact, I *THINK* the program automatically puts it there (but you can double check). However, the deduction for medical expenses has some limitations, so in many cases it may not reduce your tax (depending on your exact circumstances).
you must enter that 1095-A. failure and your return will possibly be rejected. if it gets through, the iRS will notify you either asking for an amended return or as a minimum forms 8962 and 1095-A. until furnished your return will be held up. enter the 1095-A and Turbotax will automatically carry the net to schedule A. your deduction will be the premiums paid less the PTC. apply for medicare if you qualify but that's a federal benefir program also
Because you were eligible for Medicaid, you don't qualify for the Premium Tax Credit. For the SLCSP (column B of the 1095-A) enter 0.01 for each month. That will disqualify the credit for you.
Yes, the cost of insurance is a deductible medical expense. In fact, I *THINK* the program automatically puts it there (but you can double check). However, the deduction for medical expenses has some limitations, so in many cases it may not reduce your tax (depending on your exact circumstances).