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New Member
posted Jul 12, 2024 5:51:27 PM

What is the standard information for the 1095-A form

What is the standard deduction for a 1095-a form?

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2 Replies
Level 15
Jul 12, 2024 5:55:32 PM

The federal standard deduction and the Form 1095-A are totally separate and have no relation to each other.

 

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $12,950 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

 

To enter, edit or delete your Form 1095-A -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Medical
  • On Affordable Care Act (Form 1095-A), click the start or update button

Or enter 1095-a in the Search box located in the upper right of the program screen. Click on Jump to 1095-a

Level 15
Jul 12, 2024 6:22:46 PM

You get a standard deduction amount on line 12 of your federal Form 1040.  That is the form you prepare and file your income tax return on and send to the IRS.

 

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

 

 

A 1040 is the tax return form you prepare here to send to the IRS.   If you start entering data in this software you are preparing a Form 1040.   Please look at it so you will know what you are sending to the IRS:

 

PREVIEW 1040

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

 

 

A 1095A is a tax document sent to you if you had health insurance from the marketplace---healthcare.gov -- also called "Obamacare" sometimes.   You have to enter the 1095A when you prepare your tax return.

 

To enter your 1095A go to Federal>Deductions and Credits> Medical>Affordable Care Act (Form 1095A)