Got insurance through healthcare.gov, if you pay full boat for premium, but at end of year your income is in the bracket of assistance, how do you get the credits?

Forum|Forum|5 years ago
March 27, 2021
3 replies
16 views

made 25k, taxable income was 9k, paid full price 7.5k in health premiums, but turbo tax doesnt want to give me any type of deduction on that huge amount. How does one get their deduction in this case? I chose to pay full, then resolve it at tax time as opposed to guess income, and pay more or get more at tax time. Thanks for any assistance.

TurboTax Online

MarilynG

Level 15

If you entered your 1095-A and your income was less than reported to the Marketplace, you may qualify for a Premium Tax Credit (PTC) which is reported on Form 8962.

You may want to Print/View/Save your return to review the calculations on Form 8962.

You'll have to pay for your return first to be able to look at all the forms and worksheets since you are using TurboTax Online, but you can still go back and make changes before filing.

Click this link for more info on How is the Premium Tax Credit Calculated.

Since we can't see your return in this Forum, if you can't resolve your issue, you can request an Offline Review to have a tax expert go over your return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

goodnyou1Author

Level 2

Thanks for the help!

There are two section in turbo tax where i can put my premiums paid. If marketplace, it wants me to only use the 1095a, if not marketplace, there is a section that just asks how much did you pay in premiums. Since I got no assistance at all going through marketplace, it would have been the same price if I just went through the insurance company directly. That being the case, and no assistance given at all to me, could I just use the spot for non marketplace premiums? When I put the number there I get my tax deduction. Thanks!

HelenC12

Level 15

@goodnyou1

No, you'll have to use the MarketPlace option and enter your related 1095-A form. The IRS gets form 1095-A and will be looking for it on your tax return, if it's not attached. See Where do I enter my 1095-A?

If you're self-employed, you'll need to enter the health insurance information in two places: under self-employed health insurance in Schedule C, and in the Health Insurance tab of TurboTax. Form 8962 must be included with your tax return, as well as its calculation of the premium tax credit allowed.

Click on buck1400 for additional information. Source MiriamF

Form 1095-A is used to calculate the Premium Tax Credit. The PTC is a tax credit to help make health coverage more affordable when you purchase health insurance from Healthcare.gov or a state Marketplace.

You qualify for the credit if:

Your health insurance plan is purchased through Healthcare.gov or a state Marketplace
Your household income falls between 100% and 400% of the federal poverty level for your household size
You don't file as Married Filing Separately (with exceptions for victims of domestic abuse and spousal abandonment)
You can't be claimed as a dependent by another person.

[Edited 4-2-2021|4:55 AM PST]

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"