MARKETPLACE AND SOMEONE WTH SELF EMPLOYMENT-- IF THE PERSON IS SELF EMPLOYED AND THEY BOUGH HEALTH INSURANCE FOR THEMSELVES-- THEY CAN DEDUCT HEALTH INSURANCE AS AN ADJUSTMENT (FRONT PAGE OF 1040). WARNING--THIS CREATES A CIRCULAR CALCULATION BECAUSE THE PTC ON FORM 8962 IS CALCULATED USING INCOME LESS DEDUCTIONS. WE NEED TO FIGURE THE DEDUCTION WHICH WILL CHANGE THE PTC...
SO...I SUGGEST TO MAKE IT EASIER...
ENTER EVERYTHING EXCEPT THE HEALTH INSURANCE DEDUCTION PN PAGE 1 OF 1040
ALL INCOME ALL SE EXPENSES AND MARKETPLACE...
THEN PRINT THE 8962 AND LOOK AT IT... WE NEED TO KNOW WHAT THEY ARE PAYING/PAID FOR THE INSURANCE..
DO THIS.... $$ COLUMN A -- PREMIUM COST
- COLUMN C -- ADVANCED PTC RECEIVED
+ LINE 29 REPAYMENT AMOUNT
$$ THIS IS THE AMOUNT THEY PAID
ENTER THIS ON SCHEDULE C ON THE HEALTH INSURANCE LINE. THIS WILL REDUCE INCOME AND IT WILL CHANGE THE 8962 BUT LEAVE IT THAT WAY.
IF FOR ANY REASON YOU NEED TO MAKE CHANGES TO THE RETURN YOU NEED TO UNDO THE HEALTH INSURANCE DEDUCTION AND RECALCULATE.
SO...I SUGGEST TO MAKE IT EASIER...
ENTER EVERYTHING EXCEPT THE HEALTH INSURANCE DEDUCTION PN PAGE 1 OF 1040
ALL INCOME ALL SE EXPENSES AND MARKETPLACE...
THEN PRINT THE 8962 AND LOOK AT IT... WE NEED TO KNOW WHAT THEY ARE PAYING/PAID FOR THE INSURANCE..
DO THIS.... $$ COLUMN A -- PREMIUM COST
- COLUMN C -- ADVANCED PTC RECEIVED
+ LINE 29 REPAYMENT AMOUNT
$$ THIS IS THE AMOUNT THEY PAID
ENTER THIS ON SCHEDULE C ON THE HEALTH INSURANCE LINE. THIS WILL REDUCE INCOME AND IT WILL CHANGE THE 8962 BUT LEAVE IT THAT WAY.
IF FOR ANY REASON YOU NEED TO MAKE CHANGES TO THE RETURN YOU NEED TO UNDO THE HEALTH INSURANCE DEDUCTION AND RECALCULATE.