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Married filing jointly, retired and participating in Affordable Care Act (ACA).
2023 was first year 2024 is second year on program. I trust TurboTax, but my income will be unexpectedly changing for 2024 (from my initial ACA Estimate) so was looking into how all this reconciles - for my 2024 tax filing expectations. I understand that part now, but through the search process (looking at 2023 TTax again) I discovered I have a question about where this line 2b"net of adjustments" - figure comes from??? I don't see it in any "math" reviewing my 1095A totals (e.g.; C-A, B-A). It's order of magnitude close, but those 1095 math calcs are closer to $4000, and line 2b is closer to $3000
Any suggestions on there this specific line2b figure is coming from?
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The best I can tell, line 2b on medical expenses worksheet comes from Form 8962. Premiums paid (either 11A or sum of 12A-23A) minus Total Premium Tax Credit (line 24).
Hi there hikeonthru, and Thx for the quick reply. I ran that math and don't think that's it. when I'm in "forms" mode in TTax progra, I can click on that value/cell in Med Worksheet line 2b and see where (go to supporting form) the figure points to (1095-A), but no such value in THAT (1095-A) page.
any TTax employees out there??
I'm having the same issue. I can't duplicate line 2b from any of my medical insurance premiums. Clicking on the value in for form page just references Form 1095-A but combination of the numbers on that form match the value on Line 2b of the medical expense worksheet.
Yes, Line 2b on the Medical Expenses Worksheet should match premiums paid on your 1095-A. If not, TurboTax may be subtracting any Premium Tax Credit amounts from the total cost of the policy.
If your return contains Schedule C, the difference may be the amount you are allowed to deduct as a business expense.
Click this link for more details on Medical Expenses Worksheet, Line 2b.
I'm having the same issue. Line 2b on medical expenses worksheet does not tie to form 1095A. I've reviewed form 8962 for the premium tax credit calculation, but still not able to determine how the amount on Line 2b is calculated. It should be the net adjusted amount of my portion of the premium, but it's not.
Do you have a Schedule C? Medical Premiums paid out of pocket will reduce the Schedule A deduction. Also, receiving a credit back from the premium tax credit will cause an adjustment in Schedule A. Review your Schedule C and Schedule 1 to determine if these are the reason for the adjustment to your Line 2b medical expenses.
I don't have my notes anymore but I was able to reconcile the numbers and as usual TT was correct. I think what I was missing was a premium tax credit which shows up on Schedule 3, part II, Line 9 which eventually makes it back to Line 31 on the 1040.
I am also having the exact same issue and am unable to reconcile the numbers. This directly impacts my state return. To be clear the issue starts at the Medical Expenses Worksheet Line 2b. This is the number I cannot reconcile to anything else.
Would love to see how you reconciled this.
Step 1, Go to Form 1095-A and subtract Col C from Col A
Step 2, Go to Form 8962 Premium Tax Credit, You should have an amount either on Line 26 (if you are owed an additional PTC) or line 29 (if your advanced PTC was too large)
If you have an amount on line 26, it shows up in Schedule 3 Additional Credits, or if you have an amount on Line 29, it shows up in Schedule 2 Additional Taxes
In my case I had an amount on Line 26 and if I subtract that amount from the amount in Step 1, I get the amount that TT has for Line 2b - it was off by $1 but I'm assuming it's round off somewhere in the calculations.
I'm guessing if there is a value on Line 29 instead, it would still be subtracted from the Step 1 amount since either way it ends up as a tax credit or additional taxes.
Hope this helps.
Thank you for this. I was struggling as well.
In my particular case, I had a value on Line 29 of 8962. To get the math to match TurboTax, I had to take wsparrowhood's "Step 1" amount and ADD it to the "Step 2" amount. NOTE that TT fills in the form 8962 by rounding EACH month up or down as appropriate from the values you enter into the 1095-A. Compare your 1095-A actuals to TT's form 8962 entries and you'll note this to be true. It's the TT rounding that is throwing us all off a few bucks up or down. Right clicking on the value TT places at line 2b of the Medical Expenses worksheet and then hitting "Data Source" brings up a dialogue box that tells you more about how TT does the math.
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