But will it be adjusted automatically / correctly? Let's say, I made a low income of $50K last tax year 2023, so I paid a small amount for health insurance. Then in 2024, I made a high income of $100K, so I would need to pay a higher amount for health insurance. However, I did not adjust my income on the health insurance exchange, CoveredCA, during 2024, so basically, I paid the same amount as I would make $50K instead. So the Form 1095-A 2024 would only show the small amount I paid during 2024. So now when I'm filing tax, I have to pay more whatever I owe for health insurance. Will Turbotax know the exact premium I would have to pay for my 2024 health insurance premium, so that I can deduct from my self-employment net income?
The Finance Buff website below shows you how to calculate the self-employed Affordable Care Act subsidy manually yourself, but it would be better if TT can do it for you. Thanks.
https://thefinancebuff.com/self-employed-aca-subsidy-calculator
