grandmabee Posted April 5, 2016 Report Share Posted April 5, 2016 I deducted the medical insurance on year 2015 on A then they get a extra credit when I do return. Do I reduce any medical deduction for extra credit given or is the adjustment taken on the 2016 return. I keep going in circles on this one. Thanks for any information. Quote Link to comment Share on other sites More sharing options...
Bonanza 23B Posted April 5, 2016 Report Share Posted April 5, 2016 Reduce medical insurance on Schedule A in 2015. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 5, 2016 Report Share Posted April 5, 2016 It should work out that the deduction on Sch A ends up being this: Total premiums on Form 8962, part 2, col A (either line 11 or total of lines 12-23) Less: Advance of PTC used during year, as shown on 8962, line 25 Less: PTC allowed on the return, as calc'd on 8962, line 26 Is the complication because the person is self-employed? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 7, 2016 Report Share Posted April 7, 2016 It is a circular calculation and the IRS has said you can continue until the difference is less than $1. I think you have the formula and also an alternate calculation that you can choose when SE. Check your software for Help or Tech Support. I can't help you with ATX. Quote Link to comment Share on other sites More sharing options...
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