Form 7206

Forum|Forum|2 years ago
February 26, 2024
3 replies
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According to the instructions for Line 17 of Schedule 1, I do NOT need to use Form 7206. That's because I have Marketplace premiums reported on 1095-A, and I did NOT make advance payments of the premium tax credit and am NOT claiming the premium tax credit That said, I am supposed to use the 1040 Self-Employed Health Insurance Deduction Worksheet, not Form 7206. My 1095-A insurance premiums are correctly linking to my Schedule 1, Line 17. That should be the end of it.

Nevertheless, Turbotax Online is auto-generating and not allowing me to delete Form 7206. I would be fine with filing an unnecessary Form 7206 if it weren't incorrect. Inaccurately, it is BLANK (no entry) on Lines 1 and 3, when I believe it should show the aforesaid Marketplace premiums for myself as a self-employed sole proprietor. Turbotax correctly links my 1095-A to my Schedule 1, Line 17 but fails to tie it to Form 7206. As a result, Form 7206, Line 14 incorrectly says $0 for the self-employed health insurance deduction, which contradicts Schedule 1, Line 17. This is inaccurate and I do not want to file with inaccuracies. I tried just deleting Form 7206 by going to "Tax Tools" and selecting the delete button next to Form 7206, but it keeps re-appearing (perhaps because Turbotax also needlessly auto-generates Form 8962, which I also can't seem to delete).

Please help! Although my Schedule 1 is correct, I do not want to file with an inaccurate Form 7206, as I suspect the inconsistency may trigger an audit.

I called your support line and talked to someone for at least an hour. She was not able to answer the question after multiple attempts. She said she would be back to me. I have a ticket number.
I am very frustrated with this process and others have posted about it as well.

Please advise on what Turbo Tax is doing to resolve this issue for form 7206 which is new in 2023. Thank you.

LindaS5247

Please run all of your TurboTax updates. You should run all of your updates when logging into TurboTax.

If you're on a PC, go in to your TurboTax program and select Check for Updates from the Online menu (top of screen).

On a Mac, leave and go back in to TurboTax. If updates are available, you will get a prompt to download them.

Troubleshooting Tips:

Use a wired, high-speed connection, this will save time and minimize any data corruption.
Did your connection drop in the middle of the update? Try again; it will pick up where it left off.
If you're having trouble updating on your PC, try a manual update.

Please feel free to come back to TurboTax Community with additional information or questions or click here for help in contacting Turbo Tax Support.

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iusdcm1Author

I did run all the updates. There is no fix for this issue. Form 7206 cannot be deleted and it is incorrect. Please open a ticket for Turbo Tax to fix this issue.

dsmccar

I am having almost the identical problem with the Desktop product. Form 7206 is not required in my case because of the following exception in the instructions:

"Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. However, if any of the following apply, you must use Form 7206.

You had more than one source of income subject to self-employment tax.
You file Form 2555.
You are using amounts paid for qualified long-term care insurance to figure the deduction."

None of the above apply, so I don't have to use 7206. I wouldn't mind filing 7206 if I could correct the Form to populate line 1 (which shows no number) without causing the self-employed deduction to show up as double on the Schedule 1. The return has bounced twice, with the note the second time to delete 7206 if not necessary. But every time I delete it in "Forms", it pops up again.

Any help would be appreciated.

Matttax

I have exactly the same issue.

SteveA1

I have the same exact issue as stated in the original post. An extraneous form 7206 with 0 on line 14, but I have a valid non-zero self-employed health insurance deduction correctly computed by the worksheet. Is there any update on this issue?

Thanks,

Steve