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chilepeppa
New Member

I have to repay some healthcare premium credits, doesn't that mean I'm actually paying more for my premiums? Isn't that part repaid then deductible as insurance premiums?

Seems to be a catch-22... Must deduct money from IRA early to pay for health insurance which then puts you into a higher tax bracket? Doesn't seem right unless I can deduct those premium credit repayments somehow?

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Accepted Solutions
IsabellaG
Expert Alumni

I have to repay some healthcare premium credits, doesn't that mean I'm actually paying more for my premiums? Isn't that part repaid then deductible as insurance premiums?

Yes, you're correct that if you have to repay  the advance premium credit it means that you have paid more for health insurance. This is automatically transferred to the Medical Expenses section of TurboTax, if you are able to deduct medical expenses.

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3 Replies
IsabellaG
Expert Alumni

I have to repay some healthcare premium credits, doesn't that mean I'm actually paying more for my premiums? Isn't that part repaid then deductible as insurance premiums?

Yes, you're correct that if you have to repay  the advance premium credit it means that you have paid more for health insurance. This is automatically transferred to the Medical Expenses section of TurboTax, if you are able to deduct medical expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
chilepeppa
New Member

I have to repay some healthcare premium credits, doesn't that mean I'm actually paying more for my premiums? Isn't that part repaid then deductible as insurance premiums?

I see where that was calculated now...  Thanks Isabella!
IsabellaG
Expert Alumni

I have to repay some healthcare premium credits, doesn't that mean I'm actually paying more for my premiums? Isn't that part repaid then deductible as insurance premiums?

You're welcome!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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