- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the payback of an Obamacare subsidy deductible for 2018 as health insurance if paid back in 2019? If not, how about in 2019?
My wife qualified for Obamacare for the first 3 months of 2018. After the first quarter the cost was out of reach so she was uninsured. Then as our income improved we now must pay back the subsidy for the first quarter.
June 3, 2019
12:22 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No the payback of an Obamacare subsidy is not deductible as health insurance.
If your advance credit payments are more than the premium tax credit you are eligible for based on your actual income, you will need to repay the excess amount, subject to certain caps.
However, you still have the option to claim your actual health insurance payments as an itemized medical deduction Scheduleule A if you do not take the standard deduction.
The 2018 standard deductions are $12,000 if you are single or use married filing separate status $24,000 if you are married filing a joint return and $18,000 if you file as head of household.
June 3, 2019
12:22 PM