I have a tax return that has to pay back $20,000 in Premium Tax Credit. Is there anything I can do to help them.

Forum|Forum|6 years ago
December 6, 2019
4 replies
45 views

They received a social security back pay and pension back pay.

ProSeries Professional

This topic has been closed for replies.

Best answer by abctax55

Do they have ANY earned income so they can contribute to retirement plans?

OR contribute to an HSA (if they could even qualify...but that doesn't sound likely).

All you can do is look at ANY way to reduce their AGI.

abctax55Answer

Level 15

Do they have ANY earned income so they can contribute to retirement plans?

OR contribute to an HSA (if they could even qualify...but that doesn't sound likely).

All you can do is look at ANY way to reduce their AGI.

HumanKind... Be Both

Just-Lisa-Now-

Intuit Community Champion

If that lump sum SS is for prior years, youre using the SS Lump Sum worksheet? May be able to reduce some of the taxable SS income.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55

Level 15

You can *try* to soften the blow by pointing out there's no penalty, and they've had the use of the money the whole time.

HumanKind... Be Both

B

bent

Level 2

I have the same issue but with smaller credit repayment. I can't find anything that indicates that if you do the calculation and spread the back payment to prior years it will reduce the modified adjusted gross income for the Affordable Care Act.

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