Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

FORM 1095 A

Jiame75
Level 2

When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket , why am I been charge money instead and totally change my refund?

0 Cheers
1 Best Answer

Accepted Solutions
Just-Lisa-Now-
Level 15
Level 15

If the income on the return is higher than you told them it would be, you got too much discount on the premiums and you have to pay that back.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

6 Comments 6
dkh
Level 15

Here is what IRS says about Premium Tax Credit   https://www.irs.gov/affordable-care-act/individuals-and-families/eligibility-for-the-premium-tax-cre...

I'm guessing that's what you're referring to when you say "credit for paying out of pocket"

Just-Lisa-Now-
Level 15
Level 15

If the income on the return is higher than you told them it would be, you got too much discount on the premiums and you have to pay that back.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

"When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket"

So if someone makes a million bucks, are you thinking they should still get a credit?  As noted above the credit is based on their actual income for the year.  Sometimes the client wins and gets an additional credit and sometimes they lose and have to pay some of it back.


Slava Ukraini!
qbteachmt
Level 15

"When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket"

Or, perhaps you are referring to how your self-employed taxpayer client might be entitled to a credit as part of the business expenses?

It's hard to know exactly what "credit" means in this context. Is your client self-employed?

*******************************
Don't yell at us; we're volunteers
Jiame75
Level 2

NO, she is single and on a w-2

0 Cheers
qbteachmt
Level 15

A W2 Employee has all sorts of other issues, such as if they are covered by the employer, or a marketplace plan, any months, all months, some months. Paying "out of pocket" or through payroll deductions, pre- or post-tax. Etc.

Did you fill in everything that was asked for? If so, and you reviewed it, then perhaps the Software is fine?

Or, you have to understand why you think it is wrong.

*******************************
Don't yell at us; we're volunteers
0 Cheers