I paid 408.50 out of pocket for ins. whre do i post that? My income is small I dont know why i have topay, I never have before.
When you purchase insurance through the Marketplace, you estimate how much income you will have for the year. A tax credit is issued to help cover the cost of the insurance based on the amount of income you expected to have.
After you receive your 1095-A, TurboTax determines if you will have to pay back any of that tax credit. In your case, it appears that you are being asked to pay back $965.
The good news is that the American Rescue Plan will forgive that repayment for 2020. The IRS has not yet provided guidance for this so TurboTax has not yet updated our software to reflect the new law. Do not file your 2020 taxes until this has been changed.
You will not deduct the insurance premiums you paid of $408.50 because they do not exceed 7.5% of your gross income of $25,000.
We do not yet have a date when TurboTax will be updated to reflect this change.