Hello fellow preparers,
A parent has his 24 year old child among the 1095-A covered individuals in his tax return.
Do I have to enter the father's 1095-A information in the child's personal return?
Thank you in advance,
J.E.
If the 24 year old is Not a dependent, (which I am assuming is not) :
1- check the recipient box for taxpayer or spouse , It really does not matter whichone is checked because that information is not trasmitted to the IRS.
2- Go to the allocation of policy and allocate 100 % to the policy holder (parents), (you will see that the child return does not change the refund or the amount due) or allocate any amount they both agree to. Usually, I put the 100 to the parents.
Now,
If the 24 year old is still dependent, (which I am assuming it is not) , the form goes in the parents' return.
Thank you and have a great day.
Is the child a dependent?
Is there Advance credit (column C of the 1095-A)?
Are the child and parents agreeable to the best overall outcome?
Which tax return has the lower poverty percentage, the parents' return or the child's return?
Thank you so much for that insight.
Now, if I add 100% of the policy to the parents, would there be any IRS issue by no including it at all in the son's return? Just wondering!
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