Form 1095-A and Automated tax software
From
Rick@21:1/5 to
All on Tue Dec 22 10:25:32 2015
I notice a problem with the way both Tax Act and Turbo Tax are processing
the form 1095-A for people who get health insurance through the Marketplace.
I recently did a dry run on my 2015 taxes using both products, and found the same problem in both products. Apparently if you tell either product that
you get your insurance through the marketplace and you then input data from
the 1095-A, you can't separately enter your health insurance premium
deductible into Schedule A. Instead, the software pulls data from the
1095-A to calculate the deductible for you. (I should clarify that I
haven't actually received the 1095-A yet, but I have a pretty good idea of
what will be on it)
The problem is that Form 1095-A shows the amount of medical insurance
incurred for the 12 months of the tax year, January through December of
2015. But taxpayers often make these payments near the end of the prior months. At least that's what I do. So, for example, in my case, the figure listed on my 1095-A for the January 2015 premium will represent an expense I actually paid in December 2014 and included on my 2014 Schedule A. And at
the other end of the year, I will make a payment in December 2015 which will
be for my January 2016 premium and will therefore not be on the 1095-A, but
I will still want to deduct it for 2015. Since my payments for the January 2015 and January 2016 premiums will be different, the 2015 1095-a does not provide an accurate amount for my 2015 deduction.
Am I just looking at this wrong, or is this a flaw in both of these
products?
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