Welcome Guest. Register Now!  


For 2015 Tax Tips For Year 2015


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-09-2016, 11:28 PM
Junior Member
 
Join Date: Mar 2016
Posts: 7
1095-A and 8962 Percentage Allocations for Marketplace Health Insurance

My tax situation is not that complicated. I use TurboTax Deluxe but it does not provide much guidance when it comes to Forms 1095-A and 8962 which stem from my purchasing health insurance from the NYS Marketplace. My wife and I will file a married, single return. My 24 year old son is covered by the health insurance I bought, but I will not be reporting him as a dependent and he will file his own tax return. I believe I can allocate the percentage of the health insurance premium, my SLCSP percentage and my advance payment of PTP percentage that I want to go on my taxes and my son's taxes. I am really not absolutely sure of this, though. All of the IRS examples in the instructions and the TurboTax examples are for rare tax situations (divorces, different children covered by different plans, divorces in the middle of the tax year, etc.) I can't find an example that deals with this. TurboTax basically ASKS me how I want the percentages allocated between my son and myself-it offers no guidance whatsoever. Just for the hell of it, I created 27 different scenarios, using 0%, 50% and 100% in every combination. If I used 0% for one of the percentages for myself, I used the reciprocal 100% for the corresponding answer on my son's tax. Depending on the combination of numbers I used, the combined tax refund for my son and myself range from $8,265 to $20,037!!!! I don't want to do anything wrong. In fact, my son is graduating from law school and is very ethically minded and cannot in any way participate in anything that might even resemble tax fraud. But have I found a loophole the size of a Mac truck? Everything I've read seems to say the allocations between 2 people from different tax families who share the same Marketplace insurance only has to be AGREED ON by both. There don't seem to be any rules saying this is what I MUST do. I also know, that there is no free lunch. If I enter the combination of numbers that gives us the biggest refund, I'm sure one of us, if not both will be bitten on the ass in the future, but I just can't see how. Is anyone in this same situation? Has anyone figured out how to solve this puzzle?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1095-A and 8962 Percentage Allocations for Marketplace Health Insurance who4ever For 2015 0 03-09-2016 11:04 PM
Can Taxpayers file their tax returns if they have not received any or all of these Health Care forms such as 1095-B or 1095-C ? TaxGuru For 2015 0 02-06-2016 01:17 PM
Should Taxpayers wait to file their Income Tax Returns until they receive the Health Care Forms 1095-B or 1095-C? TaxGuru For 2015 0 02-06-2016 01:06 PM
When will Taxpayers receive the health care tax forms 1095-B or 1095-C? TaxGuru For 2015 0 02-06-2016 01:03 PM
Starting in 2014, Taxpayers may be eligible for the Premium Tax Credit if they purchase health insurance through the Health Insurance Market Place TaxGuru General 0 11-06-2013 03:27 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.