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Thank YOU!! I was driving myself crazy trying to figure out where that business calculation for health care tax credit came from. I must have spent 2 hrs searching.
When I purchased Obamacare, I elected ZERO subsidy for all but 2 months. It's an option available, but you have to manually set up this option via a call to the Exchange's technical support. I just didn't want to owe money at the end of the year because it was somewhat likely I'd never quality for the subsidy, and that turned out to be true--by a long shot.
I too went through the proper TurboTax interview, starting with 1095. However, Turbotax is only transferring to Schedule C the premium paid in the months in which I received ZERO subsidy. Because I made way more than I was eligible for subsidy, I don't expect any subsidy and I expect to payback the advanced credit for the two months in which I did receive a subsidy, something like $2,000-ish. But, TurboTax isn't transferring this $2,000 as an expense on Schedule C. It only transferred the 10,000-ish I paid without a subsidy. TurboTax correctly calculates that I owe the $2,000-ish, which is good. But, seems I'm losing on the expense side. I'm not a tax expert - I'm only describing what I can see on my screen. Shouldn't I expect to see the FULL premium paid on Schedule C?
Since you self-employed, you are also permitted to deduct your portion of the health insurance premiums (total premium minus the premium tax credit your are permitted) as a business expenses.
If you were not entitled to the PTC and you paid it back through Line 2 of Schedule 2, it wasn't from Form 1095-A.
Nothing on my TurboTax shows what you are describing. Are you talking about TurboTaxPro?
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