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Deductions & credits
OK, so you have insurance from the Marketplace (Affordable Care Act) and you are receive premium tax credit (PTC) through the year to subsidize your premiums. Right?
When you change your Adjusted Gross Income (AGI), you change the amount of PTC that you are qualified to receive.
Does the amount on Schedule 3 (Form 1040 or 1040-SR), line 9 change when you add the IRA contribution?
Is it possible that when you added the IRA contribution that the amount of premium that you had to pay (as opposed to the PTC) went to zero? The less you personally pay for health insurance, the less your self-employed health insurance deduction can be.
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‎July 10, 2020
2:30 PM