TT is including Form 1095-A "Monthly advance payment of premium tax credit" amount in my Medical deductions, Increasing medical cost by over $17,000. Not self employed, and this is not an amount I paid. Does anyone understand this?
do you get $17000 in taxes after you key in the form?????
the advance premium tax credit is something that was waived in the most recent tax law, so it may not impact your taxes at all .
I understand that ATC does not have to be repaid for 2020. The $17k is enough to put me in Itemized Deductions ($33,210) instead of Standard Deduction ($26,100), so this does reduce my taxable income. Looking at how TT handled previous years, this is different and likely wrong.
I just set up a new return and re-entered everything. TT is still including the PTC from Form 1095-A in my medical deductions. This cannot be right. The amount being deducted is FAR MORE than what I paid for the marketplace plan. I am using Desktop TT on Mac. I also set up a return with TT online and it does the same thing. I guess the best solution for me is to override and choose Standard Deduction. But I wonder how many users this affects. Or maybe I am totally confused.