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04-09-2017 08:39 PM
I have two separate questions regarding healthcare:
1) I am employed but my employer did not offer health insurance, so I bought it through the marketplace but did NOT receive a subsidy. However, when I run my tax information through H&R block's online software, even though my AGI is less than the $47,500 income requirements., it still says I received the "Correct subsidy" (which is $0. which can't be correct, because my AGI is less than $47k). I am filing single and have no other income besides my W-2 and a small amount of freelance income. Is this a bug with HR Block software not calculating things correctly????
2) Next question: My full time employer did not offer health insurance, so I bought it through the marketplace (no subsidy received) with post-tax money. However, I also freelanced on the side and am claiming some freelance income. So, should I file my health insurance premium costs on the "Self Employment or Business Income (Schedule C)" as "Self-employed health insurance:" ?
04-09-2017 09:50 PM
Welcome to the H&R Block community.
It's possible that your premium tax credit of $0 is correct because it's based on more than one thing. However, if you would like I will double-check the calculations by hand for you. I'll need a line-by-line description of page 1 of your 1040 and your entire 1095-A (click on my name to send them to me in a private message).
In order to deduct health insurance premiums for the self-employment deduction the plan would have to be established under your business, so you're not going to be able to do that. Your premiums are deductible on Schedule A in the medical expenses section.
Senior Tax Advisor (Tampa, FL)
04-13-2017 08:27 PM - edited 04-13-2017 08:29 PM
Okay so I went through and did an 8962 by hand, and it still comes up as zero for PTC. But I don't understand why, as my income is below the $47k line. How is this calculated? Did I just choose a "wrong" plan in the marketplace..?
I don't understand also how the SLCSP factors in. Mine said zero but it said I had to check online for a "correct" one --- ?