2017 ULTRATAX CS- Alerts and notices
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IRS filing deadline update
The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.
Question
Why does the MAGI on Form 8903 not match the expected MAGI from Form 1040?
Answer
If the taxpayer (or spouse, if filing jointly) is claiming the self-employed health insurance deduction and premium tax credit, the Premium Tax Credit Simplified Method Calculation calculates the MAGI for the PTC using an interim self-employed health insurance deduction amount. The resulting tentative self-employed health insurance deduction, which can be found on PTC Simplified Calculation Method Worksheet, line 18, in the Form 8962 folder in Forms view, is used to calculate the MAGI on Form 8903, line 11. See Calculations in worksheets for Publication 974, Premium Tax Credit for details.
Related topic: Affordable Care Act FAQs