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PREMIUM TAX CREDIT - SOFTWARE IS MISCALCULATING % OVER POVERTY LINE

FTAX
Level 5

I have a couple with $106,140 of modified AGI.  In their state, the federal poverty line is $17,240.  So, they are over the poverty line by about 615.66%, but the software is calculating it to be just 133% over the poverty line and giving them an almost $11K tax credit against $12,789 of premium!

Is anyone else having this issue?  Is there some new **bleep** box I need to check that I am not aware of?

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3 Comments 3
TaxGuyBill
Level 15

@FTAX wrote:

 but the software is calculating it to be just 133% over the poverty line


 

They collected Unemployment Compensation, right?  Look at the rules for 8962 and Unemployment.

FTAX
Level 5

They DID collect unemployment.  Thanks for the heads-up, T.G Bill!

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FTAX
Level 5

It's absolutely insane, BTW.

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