Marie Posted February 17 Report Share Posted February 17 My client made $68057 my chart says $68960 is 400% of poverty. At this amount ATX is saying a complete repayment of the PTC . Where is my mistake? Quote Link to post Share on other sites
Gail in Virginia Posted February 18 Report Share Posted February 18 Hard to say from information. Are you using the modified AGI when you tell us how much the client made? Or just wages? Did they have any non-taxable income? If they have earned income, would a small IRA contribution before April 15 get them below 400% of poverty and save them paying this back? Quote Link to post Share on other sites
Marie Posted February 18 Author Report Share Posted February 18 the amount is modified AGI , the amount on the 8962. No non tax income. I can do an IRA, which we will do to get it down to under 400%, but I was wondering if I have a wrong chart? or why my numbers aren't panning out? $68057 shouldn't be 401%, according to my poverty level chart. Without an IRA they will pay back $18000 - ridiculous!! Quote Link to post Share on other sites
jklcpa Posted February 18 Report Share Posted February 18 53 minutes ago, Marie said: the amount is modified AGI , the amount on the 8962. No non tax income. I can do an IRA, which we will do to get it down to under 400%, but I was wondering if I have a wrong chart? or why my numbers aren't panning out? $68057 shouldn't be 401%, according to my poverty level chart. Without an IRA they will pay back $18000 - ridiculous!! If your client is using the poverty figure for a household of 2 people, that figure is $16,910 according to the 2020 instructions, so 400% of that would be $67,640. The $68,960 you referred to is based on this year's poverty numbers of $17,240 for a 2-person household. 1 Quote Link to post Share on other sites
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