On Business Income and Expense page, for Self Empl Health Insurance, there is a value of $9633 in the summary which I did not directly enter. On the next page, it says "we have deducted $547 of allowable health ins attributable to Schedule C. The $547 is dental and health premiums that I paid.
I have a 1095-A with a Col. A total of $9084.57. Col C $8179.38.
I saw in Turbo Tax that I have to repay $8184 (it definitely shows 8179 for 1095 entry but repayment screen added $5). My income was higher than anticipated due to a K-1 Estate check I received.
1. I think the repayment should be treated as a medical expense on federal (if it weren't for the std deduction) and on state and hopefully reduce the tax I owe. Would this show on my 2024 taxes or would I enter it next year? What form can I see it on?
2. None of the numbers add to the $9633 value shown. 9084 + 527 gets close at 9611.
Does the program work correctly? I entered medical expenses in the personal section but the std. deduction was better. Does that value come into play here? It still doesn't make the math work.
3. Do I need to enter the repayment as a medical expense for NJ State return? What form can I look at to verify it was used?
Thank you.
Sharon
