We had a surprise K1 and some investment dividends that drove us over the limit for the APTC in 2018. We must now repay the entire amount. The amount is substantial - $31,648. Health Marketplace premiums for folks nearing retirement are significant in our part of the state.
It is my understanding that repayment of the APTC can be deducted in the year it was received, since without the APTC we would have payed the entire premium amount ($42,432).
Being self-employed, can the repayment amount be specifically noted as such, then added as a business health insurance expense? That would take the APTC repayment (and premiums we actually paid) to line 29 of the 1040, significantly reducing our income and therefore tax burden.
Are there other ways to handle this situation in turbo?
