aloneandpreplex
Level 1
02-25-2020
11:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Poor clients typically have AGI under 4000; generally repay Adv Prem Credit 75 - 90 annually. Never any income tax. This year they got an unexpected Class Action award. Still no tax liab but increased amt of Adv Prem Credit to repay. System wants to assess 2210 penalty. Can I say "no tax liab" for prev yr? or must I count the Adv Prem repayment of $76?????
George4Tacks
Level 15
02-25-2020
11:31 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Probably. Which tax software are you using?
Answers are easy. Questions are hard!
aloneandpreplex
Level 1
02-25-2020
12:53 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
using Proconnect. 3rd year. Over 30 in the business. I read Inst for 2210 and it says the Adv PTC repay can trigger underpayment - seems terribly unfair since the health insur stuff was thrust on IRS and has nothing to do with taxes. Oh well.
