I found your post to be very helpful. I need some additional help with my situation. I'm confused by the numbers calculated by TT. I'm self-employed, bought health insurance from marketplace, completed 1095A. I also have entries on Form 7206 that include LTC insurance and dental/vision insurance, totaling $2,452. Schedule 1 line 17 shows $12,752 and I don't understand how this is calculated.
I had a one time settlement payment towards the end of the year so my income spiked. When I updated my income on marketplace, they already charged my account for December payment. I understand I needed to pay back all the PTC I receive, but I wonder what is the actual premium I should pay. The “annual contribution amount” on Form 8962 line 8a shows $32,788. Is this possible? Is this what they made me pay? The plan I chose had a monthly premium of $843 - I thought that would be the maximum I had to pay if my income spiked.
I understand from your post that when my health insurance deduction exceeds my net SE income, it gets split to Sch A and I do see that TT did that. However, the total amounts on Sch 1 line 15 to 17 is less than my net SE income (I haven't figured out retirement deductions yet, so line 16 is currently blank). The amount on Sch A is $20,376. $20,376+12,752 - 2,452 (LTC/dental/vision) = $30,676. This does not equal to the $32,788 "total contribution" to marketplace.
Shall I just trust TT calculation? Also, can I make contribution to a retirement account up to the amount that makes total of line 15-17 equal to my net SE income? Otherwise it seems I'm wasting my deductions. I initially had TT maximize solo 401K calculation, but the amount it put on line 16 makes the total of line 15-17 exceed my SE income. How do I do this properly? TT indicates I can make taxable IRA contribution, so I have taken this deduction.
Thank you very much!
