Self-Employed Health Insurance Deduction vs. form 1095-A entries

[Doc2465]

That must have been the problem because that one worked. I will shorten this reply. It is not an over or under thing. Your PTC amount is calculated by using your MAGI. The closer your MAGI gets to that $80k cliff, the less you will get in PTC. As a rough guess, if your final MAGI was $79k, you would probably be awarded about $16k of the total $18k. If you get $16k in PTC, the other $2k will come out of your pocket and should go onto Line 29 for the deduction. That's what makes calculating the PTC so difficult. The MAGI determines if you qualify for PTC and how much you qualify for but your MAGI is affected by how much you get in PTCs because the less you get in PTCs, the more "leftover" you will be able to deduct from your MAGI. I can see that you are writing now so I will send this and wait.

[guercini]

Yes, that happened to me earlier I had to type by whole response again.

[domingo5]

I went through all of these comments and then proceeded to override line 29 (tt was giving me the whole amount as a deduction).  Once I did that - I now made too much money and had to pay back the advanced premium tax credit. This then meant I qualified for the whole amount as a deduction so TT was correct in putting the entire premium in line 29

[guercini]

You will need to add the lines 27, 28 and 29 (on schedule1) and make sure the total does not exceed the line 52 (on schedule1). What is the result of this comparison?

[domingo5]

where is line 52

[guercini]

Wait! Maybe, you are not self-employed, so you don't need to worry about what I said before. Please ignore my previous message. It may not apply to your case, sorry.

[domingo5]

I am self employed. We file sch. c

[guercini]

OK, then. Back to my original comment: I see that there was a typo. It is not line 52. I should have said Line 12 on Schedule 1.

[domingo5]

Thank you!

[barbaralong1]

Thank YOU!!  I was driving myself crazy trying to figure out where that business calculation for health care tax credit came from.  I must have spent 2 hrs searching.

[tashamail]

I did what was suggested in the answer above, and Turbo Tax "processed" for about 30 minutes without stopping.  I finally shut it down and when I turned it back on, all the data I entered about my 1095-As (I have 3 of them) seems to have vanished.  Now when I work on the health insurance section of the Personal tab, it does not give me any options for entering 1095-A data - it takes me directly to the screen that says "done with healthcare."  I tried going in through the Schedule C form, and it let me "quick zoom" to enter one 1095-A, (forced me to fill out every bit of it - unlike the process via Personal<heath Insurance - but now it won't let me back in that way to add the other two (the first one covered only January and part of February).  It instead now takes me to Self Employed health insurance and long term care worksheet, which tells me not to enter anything I already entered on a 1095-A!  This is SO frustrating!  Anybody have a fix?

[mrpooh]

I suggest you talk  directly to someone from TurboTax. They might be able to walk you to your solution. Look for the link for contacting them on the website.

[prestonlawrence]

When I purchased Obamacare, I elected ZERO subsidy for all but 2 months. It's an option available, but you have to manually set up this option via a call to the Exchange's technical support. I just didn't want to owe money at the end of the year because it was somewhat likely I'd never quality for the subsidy, and that turned out to be true--by a long shot. 

I too went through the proper TurboTax interview, starting with 1095. However, Turbotax is only transferring to Schedule C the premium paid in the months in which I received ZERO subsidy. Because I made way more than I was eligible for subsidy, I don't expect any subsidy and I expect to payback the advanced credit for the two months in which I did receive a subsidy, something like $2,000-ish. But, TurboTax isn't transferring this $2,000 as an expense on Schedule C. It only transferred the 10,000-ish I paid without a subsidy. TurboTax  correctly calculates that I owe the $2,000-ish, which is good. But, seems I'm losing on the expense side. I'm not a tax expert - I'm only describing what I can see on my screen. Shouldn't I expect to see the FULL premium paid on Schedule C?

[ColeenD3]

Since you self-employed, you are also permitted to deduct your portion of the health insurance premiums (total premium minus the premium tax credit your are permitted) as a business expenses.

If you were not entitled to the PTC and you paid it back through Line 2 of Schedule 2, it wasn't from Form 1095-A. 

[jj1274]

Nothing on my TurboTax shows what you are describing.  Are you talking about TurboTaxPro?