midwesttaxinc
Level 2

Client and husband operated a Schedule C business until July 2019. Both turned 65 in 2019 and went on Medicare, but had ACA exchange policy with premium credits calculated for part of the year. When business assets were sold and business closed in 2019, no adjustments to income were made for the health insurance premium. Now with return completed, there is a substantial premium credit repayment. Taxpayers were advised that there is a "work around" because the sale of business property was a "one time deal" OR that there is an option for requesting a recalculation by IRS. I have found zero evidence of either of these options - but maybe someone else knows more than I do about that.

Any suggestions anyone?

THANKS!

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