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Level 4
April 9, 2021
Solved

Is there an error with SE health insurance deduction and PTC after update?

  • April 9, 2021
  • 2 replies
  • 14 views

I have a client with a 1095A showing premiums of $16,500 for helath insurance, and $15,500 in advance premiums. Income ended up at 401% of poverty level so Taxpayer would have had to repay all of the APTC if it wasn't for the American Rescue Plan. 

Taxpayer is Self-employed though, so when I link the 1095A to schedule C, it is putting the entire amont of premiums ($16500) on schedule 1, Line 16. Sholdn't that amount actually be about $1000 ($16500 -$15500 APTC)? Is this an error in proseries or is there some additional magic provision I'm missing in the American Rescue Plan Act? 

This topic has been closed for replies.
Best answer by Just-Lisa-Now-
Ive seen others say that you have to do it manually, dont link 1095A to Sch C, the update to fix the APTC payback exclusion, goofed it up.

2 replies

Just-Lisa-Now-
Intuit Community Champion
April 9, 2021
Ive seen others say that you have to do it manually, dont link 1095A to Sch C, the update to fix the APTC payback exclusion, goofed it up.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dhoytAuthor
Level 4
April 12, 2021

Thank you. I've had some CPA's on other websites that say that multiple software companies are doing the same thing, though. They seem to feel that the way the software is handling it may be as a result of informal talks between the software providers and the IRS. In short, it may be working as intendeded and the IRS hasn't said so yet. 

I might wait on filing some of these for another week or so and see if any updated direction is provided.