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cjdykeman
Level 2
04-07-2023
08:09 PM
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If a client had a premium tax credit in 2021 for assitance in 2022 and made less (self employed actually showed a loss) why would they have to pay back the entire tax credit for 2022? We are tax preparers NOT insurance agents, really? When I put in their 1095A taxes went up over $6K. Something is wrong or I'm not understanding.
2 Comments 2
abctax55
Level 15
04-08-2023
02:01 AM
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Sounds like your client didn't inform the Exchange of the correct income figures, for 'either' year. That is what the subsidy is based on, then the reconciliation is done on the return.
"*******Tax software is no substitute for a professional tax preparer*******
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