PTC Form 8962 Line 5 Calculation

[TomHEA]

Is any experiencing trouble with the calculation of Line 5 of Form 8962? For example, let's say Line 1 = 2, Line 3 = 65,576 & Line 4 = 17,240. Line 5 is calculating 133%. I calculate if should be 380% (65,576/17,240)

[TaxGuyBill]

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@TomHEA wrote:

Line 5 is calculating 133%.

Let me guess ... the taxpayer collected Unemployment Compensation, right?   😁

[TomHEA]

Excellent guess! Yes, the taxpayer collected unemployment in the amount of $26,006 in  2021. I am guessing maybe I exclude the unemployment for modified AGI on 8962? If I do, the calculation is (65,576-26,006)/17,240=229%. What am I missing? Thank you for you reply!

[TaxGuyBill · Accepted solution]

https://www.irs.gov/instructions/i8962#en_US_2021_publink100077018

[TomHEA]

Thank you very much for helping me resolve this issue and giving me the link as to unemployment and for 8962. Have a wonderful day!! Tom

[Sla7331]

@TaxGuyBill 

I’m sorry to intrude on here, but may I ask how the IRS defines “approved to receive” unemployment benefits? I am only asking because I while I did not actually receive unemployment benefits in 2021, I did have an open claim. My form 8962 line 5 was set at 133% by TT although I answered no to receiving unemployment. My simple return (accepted 1/25) has been stuck in refund delay purgatory for weeks and that is the only possible error I can find…

Thanks in advance if you read this! 🙏🏽