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MAGI calculation done by Turbotax self-employed version on form 8962 is wrong, not adding half of my self-emp tax back in. Can I manually correct this form?
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June 1, 2019
5:23 PM
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After you file
MAGI for Form 8962 is not supposed to add the 1/2 SE tax back, so the program is doing it correctly.
June 1, 2019
5:23 PM
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Do you know TaxGuyBill where then my real Magi is indicated? And what will the health exchange consult to confirm the Magi for eligibility issues?
June 1, 2019
5:24 PM
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Do you know TaxGuyBill where then my real Magi is indicated? And what will the health exchange consult to confirm the Magi for eligibility issues?
June 1, 2019
5:24 PM
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Lines 2 and 3 should not be the same for self-employed persons. The form is autogenerated by TT, which is not adding back in half of self-employment tax, as required by the IRS. This system glitch makes the calculations incorrect. Users beware.
June 1, 2019
5:24 PM
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As I said before, MAGI for purposes of the Premium Tax Credit should NOT add back 1/2 SE tax. The program is correct.
June 1, 2019
5:24 PM
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