Last year, I had 15,404 in Medical insuranc premiums after PTC. TurboTax is calculating 10445. Why?
Details:
My wife and I have a LLC with income reported on a Schedule K-1. The income is split 50/50.
99% of our income is from the LLC
My half of income ater 401K and SET deductions is greater than 15,000
Our combine income is greater than 400% FPL
Both of us made employer contribution (listed on schedule k-1) and employee contrbutions.
Our insurance was purchaced on the exchange
After inputing the 1095-A into TurboTax, Turbotax calulated our allowable PTC as 15,404, so my out of pocket health insurance cost was was 15,712 (premiums-PTC).
I had excess PTC which has to be repaid in the amount of 7,967 which makes sense
Questions:
1) Why is Turbotax calculating 10445 as my deduction? Tuebotax worksheets do not show this calculation?
2) We had 2 schedules k-1 (one each for my wife and I). I input them seperately into Turbotax. Should I have combined them and treated it as a single Schedule k-1 since it is the same LLC?
