In doing a dry run on my taxes for 2015, I ran into a problem using the TaxAct preview software for 2015.
I get my health insurance through the Marketplace which means I have to enter data from the 1095-A form. I don't actually have the 1095-A yet, of course, but I have a pretty good idea of all the data fields, so I entered the data into the system. The problem is that when I then go to enter my medical deductions for Schedule A, the software apparently doesn't allow me to enter my health insurance premium costs directly, but instead takes the information from the 1095-A. The problem here is that the 1095-A doesn't show the actual premiums paid during the tax year but rather the premiums that are effective during each month of the tax year. Thus, the form will show the January 2015 premium, which I actually paid in 2014 and deducted on my 2014 return. And at the other end of the year it does not show the January 2016 premium which I pay in December 2015 and would want to deduct in 2015. The two amounts are not the same, which means the amount the software calculates for the my 2015 health insurance premiums deduction is incorrect.
Is this an error in the way Tax Act is working or am I just not looking at it correctly? Do other products like Turbo Tax also work this way?