topic If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do I include that amount in my healthcare expense even though I filed a 1095A? in Get your taxes done using TurboTax

If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do I include that amount in my healthcare expense even though I filed a 1095A?

usdefenderxxx — Sat, 08 Feb 2020 06:32:34 GMT

Re: If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do...

BarbaraW22 — Mon, 10 Feb 2020 00:38:25 GMT

Yes, any amount of advance payments of the premium tax credit that you had to pay back can be included in medical expenses. You would report the amount you had to pay back as a medical expense in the "Deductions and Credits" section of TurboTax.

Please see IRS Publication 502 for more information.

Re: If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do...

Kristyii — Tue, 31 Mar 2020 21:24:41 GMT

I owe the Obamacare subsidy back. Can I take the amount on my 2019 tax return, as a medical expense on my 2019 tax return? I entered my 1095A under the Medical expense deduction as directed yet the amount shows up as zero and I still owe $10,000?

Re: If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do...

MayaD — Tue, 31 Mar 2020 21:43:00 GMT

Yes, you can deduct the repayment amount you paid.

Per IRS Any amount of advance payments of the premium tax credit that you did have to pay back can be included in medical expenses.

In order to affect your return, you need to itemize your deductions and the amount of medical expenses must exceed 7.5% of your adjusted gross income.

Re: If I exceeded the obamacare subsidy Income and had to pay back my healthcare with penalty. do...

lenniemejia — Thu, 09 Jul 2020 18:09:38 GMT

I already submitted my income tax and charged a penalty/interest. I know this has something to do with Obamacare credit. Why did Turbotax not mention to include the advance premium tax credit as a medical expense? It would have reduced my tax substantially!