1095A

[michellemichael]

When 1095A info is entered in Turbo Tax my tax due rises to $7177

[Vanessa A]

 If you are getting insurance through Healthcare.gov and are paying a reduced premium because of the Advanced Premium Tax Credit, when you file your taxes, the amount you received is reconciled with the amount you should have received.  If you received too much, your refund will be lower or the amount you owe will increase.  

In your situation, it sounds as though your income was higher than you estimated it to be when signing up so you are having to pay back some or all of the credit.  This can happen because of a mid year bonus, overtime, a new job, or for many other reasons that caused your income to go up.

When you enroll in a Marketplace plan you are asked for your estimated income for the year.  This is what they base your Advanced Premium Tax Credit off of.  If your household income is more than 400% of the Federal Poverty Level, then you will be required to repay the entire amount of premiums that you received in advanced that you were not eligible for.  If your household income is less than 400% of the Federal poverty level, then you may have to pay back some but not necessarily all of the credit you were not eligible for that you received. 

If your income changes at all during the year, or if your living situation changes, you should report that to Healthcare.gov as soon as possible to avoid having to pay too much back.  

If you are unable to pay your taxes in full, you should still file by April 15th, but you can apply for a payment plan from the IRS.  When you get to the end of TurboTax, prior to hitting file, it will give you the option to apply. 

[MilesST]

My income was greater than originally estimated for Marketplace.gov plan.  So, I had to pay back entire APTC.  So, I no longer "qualified" for APTC.  In that case, can I now deduct my healthcare plan premiums?  TT instructions say not to enter premiums under Medical Expenses.  Does TT take this into consideration, i.e., does it use the full premiums paid in 1095-A when caculating Medical Expenses?

[MilesST]

"TT says not to enter premiums under Medical Expenses when you have a 1095"...

[MilesST]

Think I found it.  Schedule A Medical Exp Worksheet shows premiums from 1095-A.  So it shows up in Line 14 for "Total deductible medical and dental expenses".

[al-leo2012]

Is there a worksheet in TurboTax showing the difference between the PTC received during the year and what we "should have" received based on 2024 income? I see my taxes due go up, but I'd like to find the difference somewhere else.

Thanks for your help!

[BrittanyS]

Yes you can view Form 8962 for the Premium Tax Credit calculations.  to view the form in TurboTax Online follow these steps:

1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
2. Select Tax Tools 
   
3. On the drop-down select Tools 
4. On the pop-up menu titled “Tools Center”, select View Tax Summary 
5. On the left sidebar, select Preview my 1040 

If you want to view the forms in TurboTax Desktop, follow these steps:

1. Open TurboTax Desktop
2. Click Forms in the upper right corner
3. Scroll down to Form 8962

For more information see the link below:

• What is the Premium Tax Credit?

@al-leo2012 
 

[al-leo2012]

Thank you, Brittany! That's exactly what I needed.