Health Care

Health Care

How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.

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Valued Pioneer
Posts: 3
Registered: ‎03-05-2017

repay premium tax credit

I have to repay back my entire premium tax credit for 2016.  Is that amount deductable for 2016 or 2017.

Tax Pro
Posts: 5,208
Registered: ‎02-23-2016

Re: repay premium tax credit

Hi Semiretired2,

 

This amount is being paid back during 2017, so it will be deductible on your 2017 tax return.

 

Louis

Pioneer
Posts: 2
Registered: ‎04-12-2017

Re: repay premium tax credit

Thanks for this. Its very hard to find this info on the web. Will we take the deduction as a medical deduction on line 4 of schedule A?

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Pioneer
Posts: 2
Registered: ‎04-12-2017

Re: repay premium tax credit

Assuming we are over the 10% floor, of course.