Quote:
Originally Posted by pb4uski
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.
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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.