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miker85
New Member

Is my 2018 premium tax credit re-payment of $9,000 deductible on my 2019 income taxes?

 
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2 Replies
VictoriaD75
Expert Alumni

Is my 2018 premium tax credit re-payment of $9,000 deductible on my 2019 income taxes?

Yes. Per the IRS, Publication 502:

 

You can't include in medical expenses the amount of health insurance premiums paid by or through the premium tax credit. You also can't include in medical expenses any amount of advance payments of the premium tax credit made that you did not have to pay back. However, any amount of advance payments of the premium tax credit that you did have to pay back can be included in medical expenses.

 

These amounts are deduct in excess of 7.5% of adjusted gross income and only if you itemize your deductions.

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Anonymous
Not applicable

Is my 2018 premium tax credit re-payment of $9,000 deductible on my 2019 income taxes?

be careful.  TT should automatically include the amount in medical expense but there's only a tax benefit if you can itemize. 

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