Medical Loss Ratio Rebates - How to report in Turbotax

[umadevi19]

Hi

 I had received MLR rebate checks from my insurance company for 2021. 

Can anyone help to enter this information in TurboTax?. Please include screen shots if possible

I had seen some details on IRS, which seems to be old information and I am including the link. Is this still valid?

MLR Rebate

Thank you. 

[PattiF · Accepted solution]

You may not need to enter this information in your tax return. If you did not itemize your medical deductions for the tax year 2021, then the rebate is not taxable because you did not deduct the premium payments on Schedule A.

If you did deduct the premium payments on Schedule A for 2021, then the Medical Loss Ratio Rebates are taxable as other income.

If you need to add this income as Other Income, follow these steps:

1. Open your return.
2. Click on Federal Taxes.
3. Go to Wages & Income
4. Scroll to the bottom under Less Common Income and select Start (or Update) for Miscellaneous Income.
5. Choose the appropriate category and enter your Other Income

The IRS information about Medical Loss Ratio Rebates is from 2011 but is still valid in 2022.

[umadevi19]

Thank you so much for providing clarity on this topic in simple easy to understand language.

Regards