topic Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket? in Get your taxes done using TurboTax

Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

screendowd — Wed, 07 Oct 2020 21:13:30 GMT

Re: Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

VolvoGirl — Wed, 07 Oct 2020 21:16:40 GMT

Yes Turbo Tax does that automatically if you pay back the premium. But you have to have enough medical deductions to itemize (only amount over 7.5% of your AGI) and then be able to itemize deductions instead of taking the Standard Deduction.

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

Re: Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

screendowd — Wed, 07 Oct 2020 21:20:10 GMT

Thank you. I paid $507 monthly, with a subsidy of $688 monthly that it turns out I made too much to be entitled to. Are you saying I can deduct the $507 multiplied by each month I paid that amount as part of the medical premium deduction?