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cowdogman
Level 3

Medical Loss Ratio Rebate

I received in 2020 a Medical Loss Ratio Rebate check for premiums paid in 2019 for 2019 health insurance.  I had deducted 100% of my 2019 premiums as a self-employed health insurance deduction and so the rebate is taxable to me as income in 2020.

 

My question is where do I report this income in TurboTax?  Schedule 1, Line 8?

 

Thanks.

1 Best answer

Accepted Solutions
Opus 17
Level 15

Medical Loss Ratio Rebate

I don't have the program in front of me, but if you click through "less common income" it should offer several options, click no on the ones that don't apply and recovery should eventually be an option.

 

On the paper form, it will go in the same place as misc income (schedule 1 line 😎 but it needs a description like "taxable recovery."  You can probably get it there via the misc income entry but I think there is a specific interview question for recoveries as well, in the less common section. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

6 Replies
Opus 17
Level 15

Medical Loss Ratio Rebate

Using the interview mode, go to “other uncommon income” at the bottom of the income page and look for “taxable recovery” (reimbursement of a previous deduction). 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
cowdogman
Level 3

Medical Loss Ratio Rebate

I see "Less Common Income" but do not see "Taxable Recovery" underneath.  I do see "Miscellaneous Income" which is where I was guessing it would go.

Critter-3
Level 15

Medical Loss Ratio Rebate

Keep going ...  1....jpg

Opus 17
Level 15

Medical Loss Ratio Rebate

I don't have the program in front of me, but if you click through "less common income" it should offer several options, click no on the ones that don't apply and recovery should eventually be an option.

 

On the paper form, it will go in the same place as misc income (schedule 1 line 😎 but it needs a description like "taxable recovery."  You can probably get it there via the misc income entry but I think there is a specific interview question for recoveries as well, in the less common section. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

cowdogman
Level 3

Medical Loss Ratio Rebate

Thanks.  Found it (sort of).

 

"Let's Work on any Miscellaneous Income"

Then "Reimbursed deductions from a prior year"

Then (I'm guessing) check "Medical Expenses"

"Reimbursed deductions from a prior year" seems to be aimed at Schedule A type deductions (not adjustments to income--like the self-employed health insurance adjustment), but probably close enough.  It end up in Line 8 of Schedule 1.

Remember I'm using the 2020 version and so maybe it is different from what you are looking at.

Thanks for your help.

 

 

Critter-3
Level 15

Medical Loss Ratio Rebate

 It end up in Line 8 of Schedule 1.   That is correct. 

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