- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
With respect to the Online edition (I can't speak for desktop version), the workaround that I posted about on Saturday, in my case, absolutely did NOT double-dip (insert Seinfeld joke here).
To repeat what I posted on Saturday: "The problem apparently is that pesky 'I'm self-employed and bought a Marketplace plan' box. I unchecked that box, and it still generates a Form 8962, so all good there. Then I went to Wages & Income -> Self Employment -> Add Expenses -> Health Insurance Premiums and entered the total premiums paid, which generated a CORRECT (hallelujah!) Form 7206 and restored the deduction to Schedule 1, Line 17. And it did not double-deduct (the Turbotax warning not enter Marketplace premiums in that spot assumes you checked the 'I'm self-employed and bought a Marketplace plan' box on the 1095-A page .. so long as that box is unchecked, there is apparently nothing wrong with entering it via Wages & Income -> Self Employment -> Add Expenses -> Health Insurance Premiums.) "
I repeat, the source of the problem is the "I'm self-employed and bought a Marketplace plan" box. Unchecking that box fixed all of my problems, and it still generates Form 8962. And, in my case, by entering my total premiums paid at Wages & Income -> Self Employment -> Add Expenses -> Health Insurance Premiums, it did not double-dip. Yes, it carried over that amount to Schedule 1, Line 17, and yes it generated a CORRECT Form 7206. But it DID NOT reduce my net profit on my Schedule C - in fact, it did not get reported on my Schedule C at all. Trust me, I was worried about double-dipping just as you say, so I went over my return line-by-line before filing. I realize it may be counterintuitive and one would think that it would report to Schedule C and reduce net profit, but I assure you, it did not do so in my case (perhaps another TT glitch - but one that I was grateful for). Before disregarding this workaround as a double-dip, I suggest you at least try it and see whether it goes onto your Schedule C on your end. In my case, it did not go on Schedule C at all - it only reported it on Schedule 1, Line 17 and generated a CORRECT 8962 and 7206.