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Level 4
posted Apr 11, 2022 2:25:54 PM

Covered CA Premiums

Why is the health insurance premium I paid to Covered CA ($40/month) not shown on 1095-A?  Form 8962 calculates my contribution but doesn't deduct what I already paid monthly.  

 

In the Medical Expenses portion of TT it says, "do not include health insurance if you got Form 1095-A".  

0 4 785
1 Best answer
Expert Alumni
Apr 13, 2022 5:38:41 PM

Thanks for the clarification.  The Covered California premium amounts do not get calculated for the federal tax subsidy-  the federal formula uses the second-lowest-cost Silver plan where you live, but you pay Covered California "extra" for a lot better coverage above the federal minimum. @MelO4

4 Replies
Expert Alumni
Apr 12, 2022 1:59:50 PM

The 1095-A only shows the value of the premiums.  TurboTax uses the 8962 for your medical expenses deduction.  

Level 4
Apr 13, 2022 10:39:03 AM

Thanks for the reply!  I understand what the Forms are but if my Excess Advance Premium Tax Credit Repayment (Form 8962, Line 8b) says $500 and I paid a monthly premium each month of $40 (I only had it for 4 months) 4 months x $40 = $160 shouldn't I repay $340 ($500-$160)? 

 

I guess what you pay monthly doesn't calculate into the repayment.

Thank you. 

Expert Alumni
Apr 13, 2022 5:38:41 PM

Thanks for the clarification.  The Covered California premium amounts do not get calculated for the federal tax subsidy-  the federal formula uses the second-lowest-cost Silver plan where you live, but you pay Covered California "extra" for a lot better coverage above the federal minimum. @MelO4

Level 4
Apr 14, 2022 11:23:04 AM

Thanks so much for the clarification!  It all makes more sense now.