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TaxGuyBill, it only did one iteration with mine and my MAGI is below the 400% mark even before deducting any premiums. My total premiums for my wife and I were $25,464 and we didn't take any APTC so at least that was simple. After the calculation the PTCs allowed plus the deduction allowed on line 29 only added up to only $24,569 ($895 short). I then added that $895 to line 29 and recalculated and after this iteration, the aggregate was $14 too much. On my 3rd iteration, I subtracted that $14 from line 29 and the resulting aggregation for PTCs plus line 29 deduction was $25,463, only 1.00 off! That saved me about $180. I suppose I could have gone and added that 1.00 to line 29 and done a final iteration but I didn't want to get picky 🙂
As an update, I am very happy to say that after all of these hours of frustration, I finally found a work around to my multiple 1095A problem on my own but it involves going against what TT tells you to do. As a reminder, when I entered my first 1095A, TT worked fine and actually might have done multiple iterations but when I entered the 1095A for my wife, it gave us the entire $25,464 of premiums as the PTC AND it entered that same $25,464 on line 29 as a deduction, resulting in a 100% PTC which is not right plus a $25,464 deduction on Line 29, which is DEFINITELY not right. Here is what I finally did: TT tells you not to enter any premium deductions in the schedule C (other common expenses) if you are going to enter any 1095As. It then goes on to tell you that the remainder of the premiums not reimbursed with PTCs will automatically be put on Schedule 1, Line 29. Obviously, this did not work for me as the PTC calculation after entering the second 1095A was wrong and the Line 29 deduction was extremely wrong when I did it that way. I had been kicking around the idea of going ahead and entering the full amount of premiums onto Schedule C before going to the personal health care section and entering the 1095s. I finally tried that and it worked perfectly! I entered the $25,464 in Schedule C (other common expenses) as if I didn't have any 1095s. Then I went and entered the 1095As and the calculation worked perfectly even though it only performed one iteration. By doing it the opposite of what TT tells you to do, after 2 additional iterations I ended up with $21,519 in PTCs and $3944 on line 29, which adds up to $25,463 (within $1.00).
To answer the other questions: rimma - unfortunately, I am not at all familiar with form 4562 and had nothing to depreciate this year but I feel your pain. TT really does make things in general a lot easier than the old paper and pencil method. Unless you just happen to hit on one of the glitches from rare situations, you will probably be glad you used it. Obviously it would have been 1000 times better for me to have done it on my own and saved so many hours with TT "experts" who were unable to help me and who ended up dumping me after many hours of trying. I will say that they were all very nice but there should be a way to work with one "expert" until the customer is satisfied. Even if I had done it myself, for this one issue I still would have had to learn a lot about calculating the PTCs when self-employed and rimma, you are right that learning about iterations are not for the faint of heart. IRS Publication 974 (Premium Tax Credits) is 78 pages long and the instructions for 8962 are 20 pages long. It makes me believe that a group of tax attorneys and CPAs must have gotten together and designed this outrageously complicated procedure so that everyone would have to hire them to do it.
As an update, I am very happy to say that after all of these hours of frustration, I finally found a work around to my multiple 1095A problem on my own but it involves going against what TT tells you to do. As a reminder, when I entered my first 1095A, TT worked fine and actually might have done multiple iterations but when I entered the 1095A for my wife, it gave us the entire $25,464 of premiums as the PTC AND it entered that same $25,464 on line 29 as a deduction, resulting in a 100% PTC which is not right plus a $25,464 deduction on Line 29, which is DEFINITELY not right. Here is what I finally did: TT tells you not to enter any premium deductions in the schedule C (other common expenses) if you are going to enter any 1095As. It then goes on to tell you that the remainder of the premiums not reimbursed with PTCs will automatically be put on Schedule 1, Line 29. Obviously, this did not work for me as the PTC calculation after entering the second 1095A was wrong and the Line 29 deduction was extremely wrong when I did it that way. I had been kicking around the idea of going ahead and entering the full amount of premiums onto Schedule C before going to the personal health care section and entering the 1095s. I finally tried that and it worked perfectly! I entered the $25,464 in Schedule C (other common expenses) as if I didn't have any 1095s. Then I went and entered the 1095As and the calculation worked perfectly even though it only performed one iteration. By doing it the opposite of what TT tells you to do, after 2 additional iterations I ended up with $21,519 in PTCs and $3944 on line 29, which adds up to $25,463 (within $1.00).
To answer the other questions: rimma - unfortunately, I am not at all familiar with form 4562 and had nothing to depreciate this year but I feel your pain. TT really does make things in general a lot easier than the old paper and pencil method. Unless you just happen to hit on one of the glitches from rare situations, you will probably be glad you used it. Obviously it would have been 1000 times better for me to have done it on my own and saved so many hours with TT "experts" who were unable to help me and who ended up dumping me after many hours of trying. I will say that they were all very nice but there should be a way to work with one "expert" until the customer is satisfied. Even if I had done it myself, for this one issue I still would have had to learn a lot about calculating the PTCs when self-employed and rimma, you are right that learning about iterations are not for the faint of heart. IRS Publication 974 (Premium Tax Credits) is 78 pages long and the instructions for 8962 are 20 pages long. It makes me believe that a group of tax attorneys and CPAs must have gotten together and designed this outrageously complicated procedure so that everyone would have to hire them to do it.
‎June 12, 2019
1:06 PM
