I am having problems with the calculation of my self-employed health insurance deduction again this year. According to Turbo Tax, my PTC results in the addition of $8932 to my taxes. This is consistent with the Ferguson calculator. The problem arises with the calculation of the deduction. I actually paid $11623 in premiums during the year. The addition of the $8932 that I will have to pay would result in a deduction of $20555 which is consistent with the Ferguson calculator, however the amount that TurboTax has calculated is $8591. Huh?? I can't remove, override, or otherwise change this amount. I've tried removing the 1095-A forms from the form list and this number still does not disappear. How can I change it? I even updated my software but that didn't change anything.
If there are any Turbo Tax employees out there, I have created a diagnostic file. The token # is 1215360.
Thank you.
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Your self-employed tax deduction can't be more than your business net income less half of your self-employment tax. The remainder of the premiums can be deducted on Schedule A if you itemize.
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