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TaxGuyBill
Level 12
Member profile
June 12, 2019
1:06 PM
If it is a disregarded entity on Schedule C, the IRS doesn't really acknowledge that the LLC exists. That means you can purchase it in your own name if you want. However, that MIGHT void any liability protection that the LLC has.
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June 12, 2019
1:06 PM
TurboTax DOES do many iterations. However, the 'fault' is that during the iterations, if the income goes over 400%, it incorrectly stops (which could result in only one iteration).
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June 12, 2019
1:05 PM
Yes, TurboTax is often wrong when you are bordering the 400% mark (or 100% mark). That is why I also mentioned the 'easy' fix would be to contribute $3500 to a Traditional IRA, as that would get you under the 400% mark, and TurboTax may do the calculation correctly. Try doing that in TurboTax and see what the results are. Assuming it works, you will like the results. 🙂 So your AGI without ANYTHING on Line 29 is $83,370? As long as I'm testing it, what is the SLCSP on your 1095-A? Are all months the same? Column is $1148 per month? The next day-and-a-half are rather busy, so if I don't have a chance to respond right away, that doesn't mean I've forgotten about you.
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June 12, 2019
1:05 PM
No, many others have found the problem that the software has when you border the 400% mark. However, you are wrong about qualifying for the Premium Tax Credit. The problem is the when you border the 400% mark, TurboTax does not do things correctly (as you've seen). Interestingly, in my test scenario it works (but I don't have some of your exact numbers, so that could be why. What is your AGI (Line 3 of Form 8962) if you UNLINK the 1095-A (so the health insurance does not show up on Line 29 at all)? I can give you a possible work-around, or you could do the exact numbers manually (which is rather gruesome). Or another possible 'easy' fix would be to contribute about $3500 to a Traditional IRA (which may get you under the 400% border).
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June 12, 2019
1:05 PM
I do know that when you are bordering the 400% Poverty Level, TurboTax is screwy with the calculations and you may need to do it manually. Does your tax return have Form 8962 (or you may need to look at the "all worksheets" to see it)? What is on Lines 1, 3 and 5? What about Lines 24-29?
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June 11, 2019
9:12 AM
"no one is ever penalized for not having health insurance coverage. You only have to say that you couldn't afford it in your area, in your place of work, etc" That is completely wrong and illegal. The penalty certainly applies, and unless you meet the specific criteria of 'not affordable', you can't lie and say you meet that exemption.
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June 11, 2019
9:02 AM
Don't worry about the $1 difference; it is likely just due to rounding differences.
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June 11, 2019
9:02 AM
Your asset entry worksheet shows you paid $998 for the asset, and that you have already taken $1104 of depreciation ($498 Special Depreciation Allowance plus $606 of regular depreciation). So you need to change the "prior depreciation" to only the amount of regular depreciation taken (don't include the Special Depreciation Allowance that was taken), which looks like $108 in your case.
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June 11, 2019
9:02 AM
Weird, everything seems correct to me. Did you delete and re-enter the asset? Have you checked the actual tax forms to see if it is showing up? Sometime the screens within TurboTax show weird information.
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June 11, 2019
9:02 AM
You may consider deleting that asset and re-enter it. If it still shows $0, it may help if you post all of the information about that asset here, as that MIGHT help us determine what is going on.
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