grandmabee Posted April 8, 2019 Report Share Posted April 8, 2019 Client Schedule C received some advanced health insurance premium and paid a small portion. Income is up over the 401% because only 2 in household this year instead of 3. she has to pay all of it back about 11,000. So if she has to paid it back then I put under SE health insurance on page 1 of 1040 (schedule 1) it puts her back down under the 401% and lets her has some of the credit again. I know there is some kind of formula to make this work but I can't find it. Any help please. thanks Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 8, 2019 Report Share Posted April 8, 2019 My software will do the iterations and also the alternate method. It is circular and makes me dizzy just reviewing the worksheets! Quote Link to comment Share on other sites More sharing options...
grandmabee Posted April 8, 2019 Author Report Share Posted April 8, 2019 I did the worksheet W & X but it gave me the entire premium paid for a SE deduction and didn't make me pay anything back of the credit so I know that I am missing something. Which software do you use? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 8, 2019 Report Share Posted April 8, 2019 ProSystem fx. Have very few with ATC so don't get into payback much at all and very rare for SE, but I did have at least one last year. Thank goodness for software! Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 8, 2019 Report Share Posted April 8, 2019 @grandmabee I had this situation a couple years ago, and Judy and I had a pretty extensive conversation in the ACA forum on this board (please forgive my language in the post, I was frustrated). You can go look it up (search for the word "shit" and you will find it) and read through it for the mechanics of how to do this in ATX. It is a real hassle, and in my client's case, the only way to keep it from moving above and below the 400% threshold was to have my client make an IRA contribution. Once we got the income to come in just below 400%, then you can move through the iterations until you get within $1 of change. I still don't know what to do if you keep bouncing over and under 400%. You have to change something in the return to make the income stay above or below the amount you need. That means you are limited to things like and IRA contribution, a SEP contribution, elections on 179 and bonus depreciation, etc. Good Luck. This is not fun. Tom Modesto, CA 1 Quote Link to comment Share on other sites More sharing options...
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