topic Medical Loss Ratio Rebate in Get your taxes done using TurboTax

Medical Loss Ratio Rebate

cowdogman — Thu, 12 Nov 2020 21:46:35 GMT

I received in 2020 a Medical Loss Ratio Rebate check for premiums paid in 2019 for 2019 health insurance. I had deducted 100% of my 2019 premiums as a self-employed health insurance deduction and so the rebate is taxable to me as income in 2020.

My question is where do I report this income in TurboTax? Schedule 1, Line 8?

Thanks.

Re: Medical Loss Ratio Rebate

Opus 17 — Thu, 12 Nov 2020 21:53:48 GMT

Using the interview mode, go to “other uncommon income” at the bottom of the income page and look for “taxable recovery” (reimbursement of a previous deduction).

Re: Medical Loss Ratio Rebate

cowdogman — Thu, 12 Nov 2020 22:00:35 GMT

I see "Less Common Income" but do not see "Taxable Recovery" underneath. I do see "Miscellaneous Income" which is where I was guessing it would go.

Re: Medical Loss Ratio Rebate

Critter-3 — Thu, 12 Nov 2020 22:25:09 GMT

Keep going ...

Re: Medical Loss Ratio Rebate

Opus 17 — Thu, 12 Nov 2020 22:26:18 GMT

I don't have the program in front of me, but if you click through "less common income" it should offer several options, click no on the ones that don't apply and recovery should eventually be an option.

On the paper form, it will go in the same place as misc income (schedule 1 line 😎 but it needs a description like "taxable recovery." You can probably get it there via the misc income entry but I think there is a specific interview question for recoveries as well, in the less common section.

Re: Medical Loss Ratio Rebate

cowdogman — Thu, 12 Nov 2020 23:23:22 GMT

Thanks. Found it (sort of).

"Let's Work on any Miscellaneous Income"

Then "Reimbursed deductions from a prior year"

Then (I'm guessing) check "Medical Expenses"

"Reimbursed deductions from a prior year" seems to be aimed at Schedule A type deductions (not adjustments to income--like the self-employed health insurance adjustment), but probably close enough. It end up in Line 8 of Schedule 1.

Remember I'm using the 2020 version and so maybe it is different from what you are looking at.

Thanks for your help.

Re: Medical Loss Ratio Rebate

Critter-3 — Thu, 12 Nov 2020 23:34:59 GMT

It end up in Line 8 of Schedule 1. That is correct.