Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Dmitry1
Level 2

In which year can I deduct health insurance enrollment payment?

In which year can I deduct health insurance enrollment payment? (For the health insurance purchased on the marketplace with tax credits applied to the cost of the plan.)

For example, I enrolled for 2018 coverage and paid premiums for the first month of the coverage in November, 2017. In which return can I claim deduction for my self-employed activity?

6 Replies
Critter
Level 15

In which year can I deduct health insurance enrollment payment?

If you pay the insurance premiums in 2017 they are deducted on the 2017 return.

Dmitry1
Level 2

In which year can I deduct health insurance enrollment payment?

And how is that possible? I can deduct only amount adjusted for tax credits. But I don't know actual tax credits for 2018 in 2017!
Critter
Level 15

In which year can I deduct health insurance enrollment payment?

You will adjust for the tax credits on the 2017 return since you are paying the premiums in 2017. And next year you will make any adjustments needed based on the fact that you didn't pay any premiums ... believe in the system since it works.
Dmitry1
Level 2

In which year can I deduct health insurance enrollment payment?

I pay premiums, so I don't understand what you are writing about.
Critter
Level 15

In which year can I deduct health insurance enrollment payment?

If you pay all of the 2018 premiums in 2017 then you will not pay any out of pocket premiums in 2018 ... so on the 2018 return you will only have to reconcile the Advance Premium Tax Credit on the 2018 return.
Dmitry1
Level 2

In which year can I deduct health insurance enrollment payment?

Of course, I payed only firth month payment for 2018 in 2017.
Dynamic AdsDynamic Ads
Privacy Settings
v