Health Insurance Tax Credit?

[ILoveMyDogs]

Long story long: I had a marketplace health plan, but only had a very minor 1099 contract job, so I did not make enough money to qualify for a subsidy during open enrollment. So I paid my health insurance premiums in full each month.  However, in February I ended up getting another part time job. Between the two jobs I was then making over 100% of the poverty line and should have qualified for my insurance premiums to be 100% covered. I stupidly did not realize that I should have made a life change on the marketplace and instead just kept paying the monthly premiums in full. I expected a full refund of the premiums when filing, but Turbo Tax is saying the $0 credit I received was correct based on my income. That can’t be right. I put both the 1099-Misc income AND the W-2 info in my tax return. I got frustrated and just filed and figured I’d have to amend later. I did now notice, Turbo Tax only has my W-2 income considered as Adjustable Gross income showing on the main Turbo Tax sign in page, so I don’t know if that’s the issue? But on my tax return they sent to the IRS it shows both the W-2 and 1099 income combined. What can I do to get my health insurance premiums reimbursed and not show up as $0 due to me. Thank you for any help! 

[DianeC958]

If you fill out the Medical Section>Affordable Care Act (1095-A), in the Deductions & Credits Section of TurboTax, with the information from your 1095-A form, the program will calculate if you qualify to receive the Premium Tax Credit.

If you do qualify to receive the Premium Tax Credit, it  will show as a refund on your tax return.

Check to make sure you included the information from your 1095-A  in your return.

What is the Premium Tax Credit?

@ILoveMy Dogs

[ILoveMyDogs]

Thanks so much for the response. I did that, but it said $0 was correct. I should have met all of the qualifications to get the credit though, which is why I am so confused.  If you claim it on your taxes instead of for the advance credit does it not give you the same benefits in the end? This was a huge huge financial mistake on my part not updating healthcare.gov when I got my second job, but it didn't occur to me. :(

[ThomasM125]

When you enter the 1095-A information, TurboTax would calculate the premium tax credit that you would be entitled to. If you didn't use the credit to reduce your monthly premiums, it would be used to reduce your tax liability on your form 1040. Are you sure that you had a tax liability to absorb the credit?

[ILoveMyDogs]

Yep, I'm sure. I still got a refund even before getting to the 1095-A portion, I didn't owe anything. Just no additional refund from the health insurance portion. As far as I know I have tried everything. Looks like I may just be out the money. Sigh. Not good, but I don't know what else to try. :(

[AmeliesUncle]

I suspect that you are forgetting about the Self Employed Health Insurance deduction.  That reduces your AGI.

For a simplified explanation, let's say your profit from the business is $10,000 and you paid a total of $12,000 for health insurance.  The $10,000 is first added to your AGI, but then the Self Employed Health Insurance deduction gives a deduction of $10,000 which lowers your AGI (the $12,000 is limited to the $10,000 profit of the business).

Does that sound like what may be happening?

If you print out your tax return, you can see the business profit on Line 3 of Schedule 1, and the Self Employed Health Insurance deduction on Line 16 of Schedule 1.