I got my insurance through Healthcare.gov last year but was not qualified to receive a subsidy. My AGI was way over. No biggie, nice problem to have.
I entered everything in TT (Deluxe, desktop edition) including putting my health insurance premiums in the appropriate box under Business expenses. When I completed the return it showed the entire total of $15,720 deducted in Schedule 1 line 16.
I went through my folder of tax stuff one last time and realized I had received a 1095-A with zero subsidies and a total of $14,981.52 in column A. I knew I needed to complete that part of the tax return.
After I did that line 16 of Schedule 1 had an adjustment of $30,696! Well, that was wrong so I removed the $15,720 from my business expenses.
But now the deduction is only $14,976. I can't find out how that is arrived at because there is a non-helpful note at the bottom of the Health & LTC Worksheet- "A self-employed health insurance adjustment of $14976.00 from premiums paid through an exchange is included as an adjustment to income but does not appear on these worksheets."
I don't get how this happens. If I don't enter anything from the 1095-A I get a $15,720 deduction, but it is reduced even though I got nothing and don't qualify for anything from Obamacare.
It's $744 in added income, $164 in additional taxes, doesn't feel right when I shouldn't have to pay it. Same thing happened in 2019, I even upgraded to TT Home and Business hoping it would have a way to fix it but that didn't help. Not making the same mistake this year.
Is there a workaround?
