FORM 8962

Forum|Forum|5 years ago
October 14, 2020
10 replies
43 views

I filled out Form 1095-A with Shared Policy Allocation. Form 8962 is not generated on the return. When I pull the 8962, the advanced credit is calculated and reported on line 25. However, the excess advance premium tax credit repayment on line 29 is not calculated as it is supposed to. (Taxpayer is filing married jointly with AGI $103,452.)

ProSeries Professional

This topic has been closed for replies.

Best answer by TaxGuyBill

Have you gone through the error-check, including checking the box that that taxpayer can NOT be claimed as a dependent?

What percentage are you claiming on the return?

T

TaxGuyBillAnswer

Have you gone through the error-check, including checking the box that that taxpayer can NOT be claimed as a dependent?

What percentage are you claiming on the return?

A

ATX-THUYAuthor

Level 3

As you said, I did not check the box to the taxpayer is not claimed as dependent on another's tax return.

After I checked the box, the repayment is calculated. By the way, the percentage is 33.

Thank you!

T

TaxGuyBill

You are welcome.

However, if all parties are agreeable to it, allocating 100% to one return usually has the best overall tax result, ESPECAILLY if it is all allocated to the one that has the lowest Poverty Percentage. So you may want to keep that in mind to discuss with clients, at least for future tax returns.

Sign up

Login with SSO

Let's get you signed in

Login with SSO