Glitch in Form 7206

[doubleO7]

@klma : We may have to mail the forms. Issue likely not to be resolved by tax deadline.

Refer

https://ttlc.intuit.com/community/taxes/discussion/re-efile-rejected-with-code-r0000-058-01-this-app...

[doubleO7]

@SS77771 : 

Issue hasn't been resolved in 3/28's update and unlikely to be resolved by Apr.15

Need to mail the forms.

Refer:

https://ttlc.intuit.com/community/taxes/discussion/re-efile-rejected-with-code-r0000-058-01-this-app...

[doubleO7]

@klma : 

Issue hasn't been resolved in 3/28's update and unlikely to be resolved by Apr.15

Need to mail the forms.

[SS77771]

Someone on another post shared this workaround, and it works for me (using TT Online)!

Go to Deductions & Credits -> Affordable Care Act (Form 1095-A)  -> Edit -> Continue.  The problem is the pesky "I'm self-employed and bought a Marketplace plan" box.  I unchecked that box.  Then I went to Wages & Income -> Self Employment -> Add Expenses -> Health Insurance Premiums and entered the total premiums paid, which in turn generates a CORRECT (hallelujah!) Form 7206 and restores the deduction to Schedule 1, Line 17.  And it does not double-deduct (the Turbotax warning not to enter Marketplace premiums in that spot assumes you checked the "I'm self-employed and bought a Marketplace plan" box on the 1095-A page .. so long as that box is unchecked, there is apparently nothing wrong with entering it via Wages & Income -> Self Employment -> Add Expenses -> Health Insurance Premiums.)  I did a side-by-side, line-by-line comparison of my prior draft return and the new draft return, and everything is now correct!

This workaround also solved another problem I had.  TT was rounding each monthly premium on my 1095-A, and then adding the total of the rounded monthly premiums, resulting in a lost $3 deduction on Schedule 1, Line 17 (the amount was $3 less than the actual total annual premiums).  Now that the total on Schedule 1, Line 17 is correct (with that extra $3 deduction), my total tax liability decreased by $1. 🙂

Very happy I can finally file my taxes, just in time.

[randcoolwalk]

This is great. I used a similar approach to solve my issue. Hope this post can help someone:

problem: only k-1 from s corp, no schedule c, having health market health premiums. turbotax online generates a bad form 7206, line 1 is empty.

To solve: Go to Deductions & Credits -> Affordable Care Act (Form 1095-A)  -> Edit -> Continue.  The problem is the pesky "I'm self-employed and bought a Marketplace plan" box.  uncheck that box. 

Then go to Wages & Income -> schedule k1 -> edit ->S corporations  (update) -> edit -> continue until you see "Other Situations" , check "I personally paid health insurance and/or long-term care insurance premiums for myself and my family and this S corporation paid me wages", -> Health Insurance Premiums You Paid Personally, enter the correct amount (amount you paid plus any credit you might need to pay back, basically the same number when you associate marketplance 1095-A with s-corp). 

This will generate a correct form 7206

[dsmccar]

Does anyone know if this issue has been resolved in the desktop version?  I filed for an extension, but when I pull up my return, I still see Form 7206 which is (a) not necessary since there is only one source of Schedule C income and (b) not filled out correctly, since line 1 is blank.  I still can't delete 7206, and populating line 1 causes an excess deduction.  I can't believe that 4 weeks after taxes were due, this problem has still not been resolved.  Should I attempt to file as is and see if I get a rejection?

[JotikaT2]

I recommend trying to update your program first if you are using the desktop version to ensure your program is up to date.  Once you do that, try electronically filing again.  

If it does not go through, you always can mail your tax return in.

@dsmccar