15740
Level 3

Entering 1095-A, Annual totals: $39,000 for "monthly advance payment of premium tax credit" - that makes my clients pay $45,000 to federal, compared to $7500 from Sch F. Is that correct?? 

Jean Anderson
0 Cheers
Just-Lisa-Now-
Level 15
Level 15

Nobody can see your clients return to tell you what is correct or not....if your client made more money that they told the marketplace insurance they would make, then its possible that they will have to payback some or all of the APTC they were given through the year.  

If you have a Sch F involved, be sure youre linking to it at the bottom of the 1095A entry screen.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Just-Lisa-Now-
Level 15
Level 15

You may want to see if contributing to an IRA or even a SEP IRA (since you have SE income) might reduce income enough that the payback isnt so large.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
George4Tacks
Level 15

You should always double check your software computations. When all else fails, read the instructions. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 


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