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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Self-employed taxpayer must pay back his entire advance premium tax credit
Self-employed taxpayer must pay back his entire advance premium tax credit
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KrissyBTaxlady
Level 1
03-01-2023
06:34 PM
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My client is self-employed and pays for his and his family's health insurance. He deducts these premiums as an adjustment to income. In 2022, his health plan was through the market place and he was eligible for advance premium tax credit. Due to some capital gain income, his income was above the 400% of poverty threshold and must pay back the entire advance premium tax credit that he received in 2022. The problem is that the amount of premium that he can deduct, per the tax software, is the amount that the client actually paid in premiums in 2022. Since he is in fact responsible for paying both the monthly premiums and paying back the advance premium credit, shouldn't the full annual premium be deductible as an adjustment to income? Can anyone please explain this software calculation?
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