I have linked 1095-A to business income before with no problem. This year my daughter got a job half way through the year so she left my ACA Healthcare plan partway through the year and can't be claimed as a dependent. Therefore, I believe both me and my daughter need to enter my 1095-A information on our tax returns. I paid all premiums so my allocations with be 100% and hers will be 0%. Seems pretty straightforward (relatively speaking, of course) but I'm getting the following message from Turbotax when I do a federal review:
Form 1095-A - Insurance Exchange ([removed]): Social Security Number policy allocations for a from 1095A linked to a business, Business Related Premiums Smart Worksheet below, are not supported.
I get 5 other errors all related to policy allocations. I makes no sense to me that my daughter leaving my policy mid year would prevent me from linking to my business. I thought maybe it was a limitation of TurboTax Premier so I upgraded to Home & Business but I'm still getting the error.
Is there any update on this situation? It seems like this TT limitation has been present and known for years and still hasn't been fixed. I shared my ACA Healthcare plan with a daughter who got a job half way through the year so she left my health plan and won't be claimed as a dependent. Therefore she and I both need to enter allocations on our tax forms from my 1095-A. I paid all the premiums so I enter 100% and she enters 0%. It's not really all that complicated or different than if she was just on my plan all year and could be claimed as a dependent. So why should that preclude me from taking the self-employed deduction for healthcare premiums? Not taking the deduction will cost me thousands. It's actually not that complicated and I can't believe this has been going on for years with no fix from TT.
I paid the price for the software and expect it to work so I can file my taxes. I actually paid extra and upgraded from Premium to Home and Business hoping that would fix this issue but that didn't work either. As a paying customer, can I get some help with an actual solution? And no, having me pay more money to work with an accountant isn't an acceptable situation for a known issue in TT that has been present for years.
I've been a customer for 20 years and have always dealt with the minor inconveniences that TT causes every year without much complaint. But on this situation I have to ask that you do better.
This problem seems to still persist, and I don't see any responses from Turbo Tax in over a year. I called in and got a product person who had no idea about this issue and didnt seem to be able to or want to dig into it. As I recall, last year, TT desktop did not let me electronically file as a result of 1095A linked to a business, which was prior to this new circumstance of now having to deal with policy allocations. Does any one have any insight into this?
Yes, linking an allocated 1095-A to a business is an unsupported calculation in TurboTax (item 6).
There's a couple things you can try as a workaround, to see what works best for you, if you want to Efile rather than mail your return.
If you want to link to your business, don't indicate the policy was allocated in your 1095-A entry.
If you want to indicate the allocation to your non-dependent, don't link the 1095-A to your business.
wait, not looking at this - so ignoring allocation of 1095, it does not support just the simple part of entering and computing taxes when the 1095 is linked to a business?
TurboTax supports a 1095-A linked to a business.
It doesn't support the combination of a 1095-A linked to a business that also has a shared allocation with others not on the tax return as joint filer or dependents.
@bkrett01