topic 1095A in Deductions & credits

1095A

tillie55 — Thu, 20 Feb 2020 20:50:37 GMT

I MADE TOO MUCH INCOME FOR 2019 AND HAVE TO PAY BACK ALL MY OBAMA CARE ACA PREMIUMS. CAN I DEDUCT WHAT I HAVE TO PAY BACK AND SHOW AS HEALTH INSURANCE PREMIUMS.

Re: 1095A

MinhT1 — Thu, 20 Feb 2020 21:06:38 GMT

Yes, the amount of premium tax credit that you have to pay back together with the net premiums you paid can be deducted as Medical expenses (if you itemize your deductions).

Re: 1095A

tillie55 — Thu, 20 Feb 2020 21:25:46 GMT

Thanks MihhT1 for the info.

Just wanted to make sure, but it looks like I would enter the amount under insurance premiums paid on my 2019 taxes. Does that sound correct?

My 1095A is for the 2019 year.

Tillie55

Re: 1095A

MayaD — Thu, 20 Feb 2020 22:45:11 GMT

Yes. Reported it as Medical Insurance Premium.

Go to Federal Taxes.
Go to Deductions and Credit.
Scroll down to Medical and click show more.
Scroll down to Medical Expenses.

Re: 1095A

tillie55 — Thu, 20 Feb 2020 23:08:26 GMT

thanks All for your help,

Have a good year,

tillie55

Re: 1095A

AmeliesUncle — Fri, 21 Feb 2020 05:48:51 GMT

No, don't enter it under Medical Expenses.. ONLY enter your 1095-A. The program will then automatically put the proper amount as a Medical Expense.

Re: 1095A

tillie55 — Fri, 21 Feb 2020 17:16:39 GMT

Thanks for the reply.

Normally that's all I do is enter the 1095A info in the proper section, but this year I had to pay it all back.

so I need to show that I paid the premiums out of pocket. Others are telling me to enter it as insurance payments under medical expenses, otherwise may payments wont show up as an expense.

Thanks

tillie55

Re: 1095A

AmeliesUncle — Fri, 21 Feb 2020 19:02:49 GMT

As I said before, when you enter the 1095-A the program will automatically put the proper deduction as a medical expense. Don't enter it again, or it will be double-entered.

Re: 1095A

tillie55 — Fri, 21 Feb 2020 19:37:04 GMT

Ok, sorry, I guess I am missing something.

I enter all my deductions for everything, including any medical expenses.

Then I get to the section to enter the info for my 1095A

As soon as I enter my first total for January row "A", $1200.00, my federal taxes that I owe go up by $1200.

They are going up the same amount each month entered. This shows I am paying back $1200 for each month to pay for the premium.

I don't see how the program is figuring what I am paying back and giving me credit for it, just like if I was paying for insurance to a standard carrier.

I don't want to make a mistake on this, but I want my deduction for what I am paying.

Thanks for your help,

tillie55

Re: 1095A

tillie55 — Fri, 21 Feb 2020 19:44:38 GMT

Good morning and thanks again for your help on my 1095A.

Just wanted to confirm, I have one response that is telling me that if I show this as an expense that I am double deducting my payment.
I just don't see it. It just makes sense to me that if I am paying back the money that was advanced me, that I should be able to deduct this as an insurance payment.

Please look at entire post if you have a moment and tell me what you think.

I just don't want to make a mistake

Thanks again,

tillie55

Re: 1095A

AmyC — Fri, 21 Feb 2020 19:59:38 GMT

The medical deduction goes along with mortgage interest, state, local and property taxes and charity to create your itemized deductions. If your itemized deductions are less than your standard deduction, you will not see a difference. You can learn more at About Schedule A (Form 1040), Itemized Deductions.

The standard deduction is so high now that 95% of people are taking the standard deduction.

Single $12,200
HOH, $18,350
MFJ $24,400.

You may not see your medical expenses count. In which case, it would be just about paying back the excess.

The program is designed to carry your 1095A entries to the medical deductions area. I just double checked the program, it does indeed carry from your 1095A entries to the medical itemized deductions.

Remember also, that only the medical expenses over the first 7.5% of your income will count. Again, see the link above regarding medical and other itemized deductions.

Re: 1095A

tillie55 — Fri, 21 Feb 2020 20:46:15 GMT

Thanks Amy for the feedback.

As of now, I am just under the standard deduction dollar amount, and taking the standard deduction.

I have entered everything and am at the end of my taxes.

I have paid my est. taxes and still owe just a bit, but if I enter the money I paid back, I will get a small refund.

By entering what I paid back on the 1095A, my itemized deductions are large enough that they count instead of the standard deduction.

It looks so simple, but I am lost and pulling my hair out, not much left.

thanks,

tillie55

Re: 1095A

VictoriaD75 — Sun, 23 Feb 2020 22:17:13 GMT

If you have entered the 1095-A information, and it is calculating the repayment of the Advance Premium Tax Credit, it is already applying that as a medical expense under itemized deductions. You do not need to enter separately. Doing so will double-count the expense. Regardless if it changes your amount due/refund, you cannot enter the amount separately again. If you are unable to itemize, you, unfortunately, will not see a tax benefit in deducting the repayment, as the standard deduction will be the best option for you.

You can review your total deductions on the worksheets attached to your return prior to filing. You can make changes as needed and then continue to file.