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Form 8965 - What am I doing wrong?


jasdlm

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Client made $15,000 W2 income.  Nothing else on return.  Did not have health insurance.  Filing as Single.  Did affordability worksheet.  Monthly SLC bronze is 172 and monthly 2LC Silver is $200.  Required annual contribution ends up being zero, yet penalty is still $695.

What do I not understand?  I feel like a dunderbrain.

Thanks.

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Does the bottom of the affordability worksheet have figures filled in?  With my rough calcs, I think it should probably be filling in $2,064 in each month's box for this person, and that represents the annualized bronze-level premiums, and because that amount exceeds the % of household income, it is considered unaffordable.   Did you fill out the appropriate entries in ATX to also generate the Marketplace Coverage Affordability Worksheet? That is where the annualized premium should flow from?

It seems like you've missed some input...maybe because I don't think that bottom part should be zero. That is why the program is showing the penalty, because it thinks this person can afford a premium of zero.

 

I'll be moving this topic over to the ACA subforum in a little while, after I know you've seen this.

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Judy, you are so smart.  I hate it when I know something is wrong and am not able to fix it.  The bottom of the worksheet was not flowing through because I did not put a 0 in Line 10.  Aaargh.  Thank you, thank you.

And your Calculation is, of course, accurate to the dollar.

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Ha, no.  I had to go back and look at one of the few I did like this to see the interplay between the worksheets and the flow of it all, and then I scribbled some stuff on scraps of paper. 

I struggle with it like everyone else and am very fortunate with my client base that I hardly ever have to deal with these sort of ACA issues.  :blink:

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