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Old 04-03-2015, 06:37 PM   #21
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The latter. Your ACA premium will be included with other medical costs on Schedule A and will be deductible only to the extent that your total medical costs exceed 10% of your AGI.

As I posted a couple of months earlier, the calculators for premiums are not accurate for CoveredCA, for my plans for 2014 and 2015, at least. Michael B confirmed this.

As a result, for 2014, my insurer didn't charge me enough of a premium based on our expected income.

Even though we actually made even less than I'd estimated, we will be paying for that premium shortfall for 2014 during 2015 via our tax return.

Since I didn't pay those premiums in 2014, I can't deduct them for 2014.
We don't have a lot of write-offs so will use the standard deduction, but if we'd itemized and also had additional high medical bills, it seems to me we'd lose out on the deductibility of those premiums.
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Old 04-04-2015, 06:12 AM   #22
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As I posted a couple of months earlier, the calculators for premiums are not accurate for CoveredCA, for my plans for 2014 and 2015, at least. Michael B confirmed this.

As a result, for 2014, my insurer didn't charge me enough of a premium based on our expected income.

Even though we actually made even less than I'd estimated, we will be paying for that premium shortfall for 2014 during 2015 via our tax return.

Since I didn't pay those premiums in 2014, I can't deduct them for 2014.
We don't have a lot of write-offs so will use the standard deduction, but if we'd itemized and also had additional high medical bills, it seems to me we'd lose out on the deductibility of those premiums.
Yup. I have since found other issues with Covered CA which lead me to believe that under the hood, they still have a lot of work to do.
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Old 04-04-2015, 09:06 AM   #23
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Yup. I have since found other issues with Covered CA which lead me to believe that under the hood, they still have a lot of work to do.

If it's anything I need to know before I file my taxes, please PM me ASAP!

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Old 04-04-2015, 09:30 AM   #24
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Anyone know if the ACA credit received in 2014 will be counted as income in 2015?
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Old 04-04-2015, 09:43 AM   #25
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It is an adjustment to your health insurance premiums and not income. Pretty sure but I haven't seen anything specific that I can recall.
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Old 04-05-2015, 08:45 AM   #26
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It all reconciles with your 2014 taxes. So you adjust your schedule A medical deductions to match what the final amount of the premimum even though you pay it back or received it in 2015

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Anyone know if the ACA credit received in 2014 will be counted as income in 2015?
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