Received Obamacare subsidy for med insurance. But ...
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

 
2 Replies
Highlighted
Level 15

Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

Yes Turbo Tax does that automatically if you pay back the premium.  But you have to have enough medical deductions to itemize (only amount over 7.5% of your AGI) and then be able to itemize deductions instead of taking the Standard Deduction.  

 

For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650for 65 and over or blind

Joint 24,400+ 1,300 for each 65 and over or blind

Married filing Separate 12,200 + 1,300 for 65 and over or blind

Highlighted
New Member

Received Obamacare subsidy for med insurance. But now learn made too much so I owe am't of subsidy in taxes. Can I deduct portion of premiums I did pay out of pocket?

Thank you.  I paid $507 monthly, with a subsidy of $688 monthly that it turns out I made too much to be entitled to.  Are you saying I can deduct the $507 multiplied by each month I paid that amount as part of the medical premium deduction?

Privacy Settings