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John66
Level 2
April 10, 2022
Question

Premium Tax Credit

  • April 10, 2022
  • 5 replies
  • 34 views

I have a client that withdrew $100k from her deceased husbands 401k  and we had taxes taken out.  The problem is, is that she is also on the Healthcare marketplace in CO and when I enter her Form 1095-A, she is being required to pay back 98% of her 2021 premium tax credit.  Any suggestions would be greatly appreciated.  She now owes over $7,500.  Thank you.

 

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5 replies

abctax55
abctax55
Level 15
April 10, 2022

All you can do is try to lower her AGI below the thresh hold/cliff.

IRA (if she has earned income)

SEP ( if she's self-employed)

HSA contribution (if she qualifies).  

 

HumanKind... Be Both
    John66Author
    Level 2
    April 10, 2022

    She doesn't have any earned income.  I thought about the IRA, as well as the rollover but she is past the 60 day timeframe.

    abctax55
    abctax55
    Level 15
    April 10, 2022

    It's hard to get that horse back in the barn after the fact...

    HumanKind... Be Both
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