2185075
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions. Is this correct? This gives me enough for Itemized instead of Standard Deduction. The amount added has nothing to do with what I actually added. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MinhT1
Expert Alumni

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

The amount claimed as Medical expenses should only be the amount of premiums you actually paid.(adjusted eventually by the amount of the net premium tax credit on line 26 of form 8962).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

6 Replies
MinhT1
Expert Alumni

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

Yes, this is correct. The amount that you paid for your Marketplace health insurance premiums (form 1095-A) can be deducted as Medical expenses on Schedule A - Itemized deductions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

But this is not the amount I paid. This is the total premium before the Premium Tax Credit I received. Should I subtract the PTC received from my medical deductions or just accept what TT computed? Thanks for your reply.

MinhT1
Expert Alumni

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

The amount claimed as Medical expenses should only be the amount of premiums you actually paid.(adjusted eventually by the amount of the net premium tax credit on line 26 of form 8962).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

That adjustment is not happening, and the 1095-A premiums paid through advanced premium tax credits are added in to deductions and staying there.  This is since the April 8 update.

 

 

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

Exactly.  I  just manually changed to standard deduction since this was correct amount.  My concern is anyone who doesn't know or double check TT's calculations will file an incorrect return.  And I couldn't find a way to report this to Intuit.

TT is adding Form 1095-A "Monthly Enrollment Premiums" to my medical deductions

Well, TT just put out an update that corrects this. No explanation.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question