I had a large capital gain in 2022, this caused me to repay my Marketplace premium discount of $6800 when I filed my taxes in April 2023. I am now filing Schedule A for the first time because of large medical bills that were paid off in 2023 that were from 2021. I would like to know if the $6800 I paid in 2023 for 2022 medical insurance can be deducted on Schedule A?
Yes, any amount of advance payments of the premium tax credit that you did have to pay back can be included in deductible medical expenses.
See IRS Publication 502 for more information.
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