Question

How to enter: Healthcare Marketplace premiums for 2018 that were paid in 2019 ?

Forum|Forum|6 years ago
April 6, 2020
1 reply
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In 2018 my income exceeded the $48,000 threshold, and I owed the $8,000 in premiums from the 1095-A, that would have been covered if I was below the $48,000 threshold.

This $8,000 was paid in April 2019 when I filed my 2018 tax return.

So, for my 2019 taxes... where do I enter this $8,000 that I paid in belated insurance premiums?
(this is in addition to my premium information for 2019 coverage)
Note: I am self-employed

I "think" it's on Schedule C, line 15, and from Health LTC worksheet line A1.

Is this correct?

B

BillM223

First, your health insurance premiums don't go on line 15 of Schedule C in any case; they go on line 16 on Schedule 1 (1040) - "Self-employed health insurance deduction".

Second, look at Pub 974.

When you look at the example on pages 69 through 72 (especially the Step 3 Worksheet on page 72), you will see that when the PTC that has to be paid back is calculated, it is put on the line 16 on Schedule 1 (1040) on your current return.

That is, although it appears that you paid the PTC back in 2019, you actually paid it back through your 2018 tax return, so it should be reported as a self-employed health insurance premium in 2018.

In fact, I would ask you to go look at your 2018 return and see if TurboTax did that for you automatically.

Let me know.

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