Question

APTC

Forum|Forum|5 years ago
March 3, 2021
1 reply
0 views

In December 2019 I filed for an ADA health insurance plan and was accepted. I paid the premiums for 12 months out of pocket. I'm self employed and my income at the end of the year was a tax loss. The income requirement for the APTC requires me to have made >~$14,000 so TurboTax is not allowing the credit. I checked the IRS web site and they say as long as I was accepted (based on 2019 income) when I applied in December 2019 I am eligible for the APTC. Problem how to I get this into TurboTax????

M

mglauner

If you did not have a Federal or State Marketplace insurance plan, you would not be eligible for a Premium Tax Credit, since you paid your premiums 'out of pocket' and did not receive premium assistance.

Click this link for more info on the Premium Tax Credit.

If your ADA plan is considered a 'marketplace' plan, you would receive a 1095-A to report this.

If this applies to you, click this link for info on How to Enter 1095-A.

This link gives info on claiming the Self Employed Health Insurance.

L

lswpubrwAuthor

I did have a market place plan for NY, I just elected to not take the premium credit "upfront". I entered the 1095-A info and get left without a credit. I'm assuming it's because my income for the year, which I did not know until the end of the year, was less than the minimum.

DawnC

Employee

In general, individuals and families may be eligible for the premium tax credit if their household income for the year is at least 100 percent but no more than 400 percent of the federal poverty line for their family size. Did you have any other income reported?

For purposes of the premium tax credit, your household income is your modified adjusted gross income plus that of every other member of your family who is required to file a federal income tax return.

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