Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mecounts
New Member

Why aren't my total Obamacare premiums deducted as self-employed health insurance?

 
1 Reply
BMcCalpin
Level 13

Why aren't my total Obamacare premiums deducted as self-employed health insurance?

Did you receive the Premium Tax Credit (PTC)? This is money paid by the government to your insurance carrier, in order to reduce the next cost of the health insurance premium - this is the "affordable" part of the Affordable Care Act (Obamacare).

The amount that you actually paid with after-tax dollars for health insurance premiums is deductible; the PTC is not deductible because it is not after-tax money.

Depending on what you are looking at, you may see the total health insurance premium, which is the sum of your PTC and the out-of-pocket amounts you spent. Only the after-tax amounts are deductible.

Dynamic AdsDynamic Ads
Privacy Settings
v