Tax Treatment of Healthcare Marketplace Premium Tax Credit
When you receive a Premium Tax Credit from the Healthcare Marketplace (US only) in a year, once your AGI is calculated for that year, there is a determination as to whether you were underpaid or overpaid. The adjustment goes into your tax calculation.
TurboTax accounts for this if you enter the information from the Marketplace form issued to you regarding payments and credits received. Is there a way to enter this information into Quicken for Windows throughout the year so that it becomes part of the calculations in the Tax Planner?
I've seen suggestions to enter it in the Planner as Other Income, but it isn't straight income. The app would need to know how to calculate the under- or overpayment.
Thanks.
Best Answer
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An automatic calculation is not something I see Quicken incorporating into the Tax Planner any time soon. Currently you could do the following to manually track it if you provide enough information to the planner to project your annual income.
Periodically enter your projected income from the tax planner into an online premium tax credit calculator and compare the projected credit to the one applied to your current health plan. Manually enter any deviation from the original credit in the Other Taxes, Credits section of the Tax Planner. If your income is higher and you will receive a reduced credit, enter the reduced credit in the Other taxes section. If income is lower and you will receive a larger premium credit, enter the difference in the credit section.
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Answers
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An automatic calculation is not something I see Quicken incorporating into the Tax Planner any time soon. Currently you could do the following to manually track it if you provide enough information to the planner to project your annual income.
Periodically enter your projected income from the tax planner into an online premium tax credit calculator and compare the projected credit to the one applied to your current health plan. Manually enter any deviation from the original credit in the Other Taxes, Credits section of the Tax Planner. If your income is higher and you will receive a reduced credit, enter the reduced credit in the Other taxes section. If income is lower and you will receive a larger premium credit, enter the difference in the credit section.
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Thanks, @markus1957 (1957 - a very good year). I'd think this would be a nice, doable feature for Quicken, but for my purposes, your suggestion helps.
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