Does medical insurance affect my return?

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I purchased medical this year and my prereturn is 400 dollars less than last year.

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If you purchased the medical insurance through the ACA Marketplace, then you will be receiving Form 1095-A. This information must be included on your tax return to reconcile any premium credits you had claimed when you initially enrolled. Therefore, yes, this could affect your tax return. The Turbotax program will ask you about health insurance so be sure to answer all questions accurately and carefully review everything (all forms) before filing.

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Medical insurance may affect your return if you itemize expenses (ie. medical,mortgage, property taxes, charitable donations, ect)  and your total medical expenses exceed 7.5% of your Adjusted Gross Income.

To enter medical expenses:

• Type in medical expenses the search box, top right of your screen, then click the magnifying glass

• Click the jump to medical expenses link in the search results

• Follow to prompts and online instructions

See the How much did you spend on insurance premiums? page.