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What is the Health Coverage Tax Credit?

Details: The Health Coverage Tax Credit (HCTC) is a refundable tax credit that pays 72.5% of qualified health insurance premiums for eligible individuals and their families. If you qualify for HCTC, it’s claimed on Form 8885. To qualify for this credit, you must have received one of the following types of as

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Where do I enter my health insurance premiums in T

Details: If you paid COBRA premiums, and the policy is in a former employer's name, enter it as a personal medical expense (on the Enter Insurance Premiums screen which is near the end of the medical expenses section). For all other self-employed health insurance premiums, follow these steps to enter them in

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Where do I enter my health insurance premiums if I

Details: Follow the instructions below to enter your premiums and we’ll check to see if you qualify for any deductions: I got a 1095-A from Healthcare.gov or a state marketplace Search for 1095-A and select the Jump to link. Answer the questions to report the premiums you paid on your 1095-A. I paid COBRA p

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Solved: 1099-Misc, medical and health care payments

Details: If you have income in Box 6, for medical and health payments, follow these instructions to enter into TurboTax: . Sign in and click Take Me To My Return if not already signed in to your return.. Federal (left side menu) >>; Wages & Income (top menu) >>; I'll choose what I work on OR Show all Income types >> Self-Employment >>; Answer YES to the 'Did you have self-employment income and expenses

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Solved: 1099-MISC, Federal and health care payments, Box 6

Details: I have a 1099-MISC from my health insurance company. Box 6 is the only box with a dollar amount in it. Box 17 (State) has NY in it. Every other box is empty. I don't own a business. I am retired and under disability. If it's income not from a business is my only option to place it in the Business In

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I'm retired. can I deduct health insurance premiums?

Details: You can deduct your health insurance premiums on your return if you paid for the premiums with after tax dollars. Medical expenses are an itemized deduction on Schedule A and are deductible to the extent they exceed 10% of your adjusted gross income (AGI).

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Are home health aides a deductible medical expense

Details: My mother in law has 24-7 home health aides. Are their costs deductible on her return. They are not nurses, but do cooking, cleaning, transportation, and keep her safe (no unattended falls, proper nutrition, and assistance in toileting and hygiene). They follow a plan designed by the agency. Her doctor wrote a note requiring 24-7 care.

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Solved: Is my Medical Loss Ratio (MLR) Rebate taxable?

Details: I just received a MLR rebate check for my 2016 health insurance, purchased in the individual market. For 2016, I took the standard deduction, but I did receive an Advance Premium Tax Credit (APTC). Some sources suggest that taking the standard deduction would mean that this rebate is not taxable. On the other hand, I believe the APTC only goes back to 2014, and these sources predate that.

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VA Health Insurance Coverage (1095-B) - TurboTax

Details: VA Health Insurance Coverage (1095-B) The 1095-B is for your information, it doesn't have to be included on your 2019 tax return and you do not need to enter it into TurboTax. Please keep it for your records.

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Can you withdraw from 401K to pay medical premiums without

Details: Unfortunately, withdrawing money before you reach the age of 59 1/2 from your 401(k) in order to pay Medical Premiums is not an Exception to the 10% Penalty for Early Withdrawal.. This Exception to the Penalty is only available for Unemployed Individuals who are withdrawing money from their IRA Account, not from a 401(k).. Check out the TurboTax FAQ below to see if you might qualify for one of

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I'm on my parents' 1095-A form. What do I do on my return?

Details: He is on their Marketplace health plan and listed on their 1095-A. He didn't receive a 1095-A in his name. He and his parents have to figure out how much of column A (monthly enrollment premiums), column B (monthly SLCSP), and column C (advanced payments) on their 1095-A will go on their return and Nate's return.

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Can I deduct my Medicare premiums if I'm self-empl

Details: Medicare premiums are an allowable deduction if you're self-employed, and there are two ways to do this. The first is with the self-employed health insurance deduction.When you enter the expenses related to your self-employment, enter your Medicare premiums in the Less Common Expenses section (not the SSA-1099 section). This deduction will show up on Schedule 1, line 16.

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Solved: Healthcare premium tax credit possible if married

Details: Most of the time I can wade through 'IRS-speak' and understand what to do and how things work; but I need some help with this: A couple, married and living together for the entire year, where one spouse has health coverage through their employer and the other has marketplace coverage may want to file separately - for reasons not tied to health coverage - but have questions.
1) Can they

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This year turbo tax didn’t ask about my healthcare

Details: Congress changed the penalty for not having health insurance to $0, and TurboTax moved the entry screens. If you have a 1095-A you will still need to enter it in the program. As xmasbaby0 and inaneone stated above, you still must enter your 1095-A in the program or risk receiving an IRS letter. You can find the 1095-A enter screens here:

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Solved: How do I 1099-misc a household individual for

Details: How do I 1099-misc a household individual for cleaning services and/or health care. I am not in a business, I just pay for home cleaning and home care services Confusing, I called the IRS this morninng and the rep told me issuing a 1099 M is required under the law.

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Solved: How do I enter self employed health insurance

Details: Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 16 then to 1040 line 8a, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 16

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Can I deduct Healthcare.gov Marketplace premiums on

Details: Instead just enter your 1095-A into the Health Care section and TurboTax will automatically apply the correct medical insurance premiums to line 1 of Schedule A, Itemized Deductions. Also, if your Form 1095-A was linked to an activity such as a Schedule C or Schedule F, any portion of the insurance premiums included as an adjustment to income

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Solved: Deducting COBRA health insurance premiums

Details: Please keep in mind the following about deducting your medical expenses, including health insurance: You don't get the benefit if you are taking the standard deduction. If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income if you are age 65 or over.

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Solved: Can my S Corp deduct the health care premiums paid

Details: In my s corp business tax return, in the Medical Insurance Premiums section for deductions, it states the following: "An S corporation can deduct the cost of medical insurance premiums paid for a shareholder-employee who owns more than 2% of the corporation's stock. The corporation must include the premium on the shareholder's W-2.

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Self-Employed Health Insurance Deduction (1040 sch

Details: On Form 1040 Schedule 1 Line 16, TurboTax has generated a value that doesn't seem to come from anywhere. To make the discussion easier, let's say the value listed here is $200. If I right-click the value->About, it says to see the "Self-Employed Health and Long-Term Care Insurance Deduction Works

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Solved: Self-Employed Health Insurance Deduction vs. form

Details: NOTE: I submitted this query in 2016. It's no longer relevant as the process with TurboTax has changed. Read on if you wish, but no need to come to my rescue as the issue is no longer an issue. > > > > > > > Do I enter Health Insurance Premium payments in the expenses section of Schedule C (for self-employed health insurance premium deduction) if I already entered data in the Personal section

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Can I be an independent even when on my parents health

Details: I pay for 90% of my expenses, including my car, rent, school tuition and all utilities. My parents still pay for my health insurance though. I was unable to claim my student loan last year because they are in my name, but I was considered a dependent. Am I able to claim myself as an independent if I remain on my parents health insurance plan?

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Solved: If I receive a refund from a medical provider paid

Details: My HSA account was closed in Jan 2019 and in that account there was some money left from my previous employer (I worked there in 2018). Then in March 2019 I got a check for HSA refund for my spending before the account was closed.

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How do I determine if I have a High Deductible Insurance Plan

Details: An HDHP (High Deductible Health Plan) is an insurance plan that has. A higher annual deductible than typical health plans, and ; A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but don’t include premiums.

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Solved: How is inheritance income treated when calculating

Details: I know that inheritance income is not considered taxable income for fed as well as most states income. When reviewing magi and form 8962, it appears inheritance income is not added back in when calculating MAGI for Form 8962 for the Premium Tax Credit related to the Affordable Care Act, but I would like to verify that this is the case. dab

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Emotional Support Animals expenses as medical deduction?

Details: This is to clarify other posts that focus on Publication 502 as the sole guidance for service animal expenses for medical deductions. Although Publication 502 retains the adjective “physical” (“You can include in medical expenses the costs of buying, training, and maintaining a guide dog or other service animal to assist a visually-impaired or hearing-impaired person, or a person

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Can I deduct my FEHB health insurance as a self-employed

Details: If you want these premiums to be part of the self-employed health insurance deduction, do not enter your Medicare premiums when entering the information from your SSA-1099 (Social Security Benefits). When you go through the questions for your business expenses, enter those premium expenses for self-employed health insurance premiums.

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Solved: Can my non working spouse have own HSA account?

Details: In fact, their website states "If you have a qualified High Deductible Health Plan (HDHP), either through your employer, THROUGH YOUR SPOUSE, or one you've purchased on your own, chances are you can open an HSA. [CAPS are mine]." It follows with some exceptions to this statement, none of which apply in my case.

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Solved: Can one combine primary individual HDHP/HSA plan

Details: Me and my wife are residents of Washington state. I have a regular family PPO plan that is not HDHP covering me and the kids and i have FSA to cover the medical expenses. My wife has her own individual HDHP plan through her employer with an HSA account covering only herself. Planning for 2018, i was thinking of adding my wife to my family plan as a secondary insurance since i already have a

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Can I close the HSA and take the money out of the account

Details: You are required to report Form 8889 any HSA distributions made for the year. All money in an HSA is pre-tax, either because you make the contribution through your employer and the employer excludes the amount from box 1 of your W-2, or because you make the contribution yourself and it's turned into pre-tax by the deduction that you receive on Form 1040 line 25.

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Turbotax is saying "We see [spouse] had a break in HDHP

Details: The question on the page before you see that there was a “lapse” in coverage is causing the issue. On the previous page you should see the question, “What type of High Deductible Health Plan did [spouse] have on December 1, 2016?The choices are Family, Self only, or None.. If the spouse had been covered under the taxpayer's family plan, you might think you should answer Family to the

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I am self employed but my spouse gets employer paid health

Details: Unfortunately, having access to insurance through your spouse's employer almost always disqualifies the Self Employed Health Insurance deduction. I said "almost" always because in the extremely unlikely event the employer paid nothing for your spouse's insurance (your spouse pays 100% of the cost), then you could qualify for the Self Employed

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Can I claim the $3000 Retired Public Safety Officer

Details: Enter the total amount paid for the Health Insurance Payment Amount. If needed, TurboTax will reduce the deduction to the $3,000 allowed. "To qualify for this deduction, the distribution must be made directly from the plan to the insurance provider. You can only make this election for amounts that would otherwise be included in your income.

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Solved: How is self employment health insurance deduction

Details: Health Insurance Premiums minus Premium Tax Credit is equal to or greater than the Self-Employed Health Insurance deduction, and the deduction must be equal to or less than your eligible Self-Employment income. **Say "Thanks" by clicking the thumb icon in a post

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My California state tax return added my HSA contribution

Details: The message is correct. The IRS considers any contributions made by your employer OR made by you by means of a payroll deduction scheme to be "an employer's contribution".. The rationale is that both amounts are pre-tax. This amount is found with code "W" in box 12 on your W-2.

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Solved: IRS not enforcing Obamacare penalty anymore

Details: [UPDATED APRIL, 2017] This statement (or question) is partly true. Please allow us to explain further for the benefit of everyone. At the present time (April, 2017) the underlying statutory law of the Affordable Care Act (a.k.a. Obamacare) providing tax penalties for not having health insurance; the system of exemptions to not having health insurance; and the tax credit system set up for

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Can I deduct health insurance reported on form 1099-R?

Details: The TurboTax page listing medical deductions, "your 2019 Deductions and Credits", has an amount for 2019 medical expenses that does not include the health insurance premiums indicated on my Federal (OPM) annuity1099-R, Box 5.

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Solved: I have a question regarding my W2, Box 1,3,& 5

Details: Therefore, when you get your W-2, your box 3, income subject to Social Security taxes, and box 5, income subject to Medicare taxes, will include your pretax health insurance premiums. For example, even though your box 1 income went down to $45,500 because of your premiums, box 3 and box 5 will still show $50,000 of income.

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Solved: If I live in NJ and paid $6,589 (pre-tax) last

Details: It appears that the difference between box 1 and 16 is exactly $8840 which is Medical ($6589), Dental ($251), and Health Care FSA ($2000). Can all of these expenses be included in the second box on the turbo tax screen "New Jersey medical insurance premiums included in your New Jersey wages but not in your federal wages on your W-2, and not deducted on Federal Schedule A."?

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Solved: Can I use HSA for my child who is dependent of my

Details: My daughter lives with my ex in another state. We have divorced for 4 years and on the divorce decree mom had full custody but in past few years I actually had around 30% of of my daughter's time each year. I don't claim my daughter as dependent and her medical care premium is also covered by the mom (she turns to me for half of that each year).

I am filing single and my medical

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I am a federal employee with blue cross blue shield health

Details: An HDHP (High Deductible Health Plan) is an insurance plan that. A higher annual deductible than typical health plans, and ; A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but don’t include premiums.

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Solved: Is a "return of premium" check from a health

Details: My last health insurance company went out of business, but I had a "return of premium" rider, which meant I got half the premiums I paid into the company returned to me. Is that money considered taxable income?

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Can I deduct health insurance premiums if I’m self

Details: Health insurance premiums you paid for your child, even if you aren't claiming them as a dependent, is eligible for this deduction as long as your child was age 26 or younger at the end of 2020. The self-employed health insurance deduction shows up on Schedule 1, line 16. Itemized deduction

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I'm a nurse, can i deduct my mileage back and forth from work

Details: If the only work-related use of your car is commuting back and forth between your home and main workplace, do not enter any vehicle mileage or expenses. The IRS doesn't let employees deduct commuting costs. You're allowed to deduct commuting expenses between multiple job sites during the same day.For example, if you go directly from your day job to your evening job, you can deduct the commute

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Solved: Is the Georgia High Deductible Health Plan

Details: The Georgia High Deductible Health Plan deduction includes only the HDHP premiums that are not already accounted for on the federal return.. However, since the HDHP premiums are normally not taxed at the federal level (they are reported with code "DD" in box 12 on the W-2), you don't need to enter them on the Georgia return, because this effect carries through to the Georgia income for state

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Can self-employed people deduct spouse's Medicare

Details: Health Insurance Coverage. You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan. Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

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Can I contribute to an HSA with a health insurance

Details: No. In order to contribute to health savings account (HSA), you must be enrolled in a high deductible health plan (HDHP) and you can't be enrolled in any of these other health plans: An employer-sponsored health policy that is not an HDHP Medicare A health FSA (whether yours or your spouse’s) TRICA

› Verified 3 days ago

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Is asking me for 1095 A and I only have 1095 B and 1095 C

Details: If you did Not receive healthcare coverage from one of the state marketplace plans or from healthcare.gov you should have entered No when asked if you received healthcare from one of the Uncommon Plans shown in the Health Insurance section of the program.A Form 1095-B and Form 1095-C are not entered on a federal tax return. Click Federal Taxes ; Click on Health Insurance

› Verified 9 days ago

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Obamacare subsidy pay back - income underestimation.

Details: Jessica is married and bought a health insurance plan through her state Marketplace in January of 2017. She qualified for a premium tax credit when she signed up based on what she estimated her 2017 income would be. When she does her 2017 taxes with TurboTax, her income is calculated to be $64,021 for 2017.

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Solved: Will withdrawal from ROTH IRA affect our ACA

Details: A non-taxable Roth withdrawal is not counted as income for the calculation of MAGI (modified adjust gross income) for the purposes of determining ACA subsidies.

› Verified 4 days ago

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