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1095-A with no PTC


ILLMAS
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TP that no longer qualified (income went up in 2020 and 2021) for PTC, but kept the insurance for a couple months in 2021 since they were turning 65 and would be applying for Medicare.  Proseries; form 8962 is giving a error that columns B and C cannot be zero, form 1095-A has info only on column A, anyone know a workaround?

Thanks

 

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Form 8962 is used to either claim the PTC on the return being filed or reconcile the PTC with the APTC used during the year.  If either of those pertains to your client, you need to include the form, otherwise it sounds like you can probably delete it and ignore the 1095-A.

To be sure though, you should review the instructions for Form 8962 under the section "Who Must File"

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If they didn't get APTC (column C blank), they are not required to file Form 8962.  However, the law changed for 2021 and higher-income people may now qualify for PTC (some with incomes well over $100,000).

You can obtain the values to put in column B (SLCSP amounts) at https://www.healthcare.gov/tax-tool/

Use those to see if they qualify for PTC.  (You will still put zeroes in column C in the software.)

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On 5/6/2022 at 2:16 PM, ILLMAS said:

TP that no longer qualified (income went up in 2020 and 2021) for PTC, but kept the insurance for a couple months in 2021 since they were turning 65 and would be applying for Medicare.  Proseries; form 8962 is giving a error that columns B and C cannot be zero, form 1095-A has info only on column A, anyone know a workaround?

Thanks

 

In ATX, when the income exceeds 400%, I believe you are only allowed to enter numbers in Column F.  But, yes, the payback is probably limited, as others have said.  I had a couple, both well over the limit, get to keep most of the subsidy.  So much for pinning down the rules.  

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On 5/9/2022 at 5:12 PM, TexTaxToo said:

The rule that there is no PTC for incomes above 400% of FPL was removed for 2021 and 2022.

Yes, that is correct.  I just did an 8962 where Line 3 is 182,683.  They're getting to keep 2,563 of the APTC.   No, I cannot explain it.

Of course, they don't know they have to repay any of this.  Like every client the first year they have Marketplace insurance.  Didn't even give me the 1095-A.  (Also like every client the first year they have Marketplace insurance.)  😅

 

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2 hours ago, RitaB said:

Didn't even give me the 1095-A.  (Also like every client the first year they have Marketplace insurance.)

MA is horrible about those 1095-As. Some they send on paper. Others have to log on somewhere to download. If eligible for totally subsidized MassHealth, since that's a fully state (taxpayer) funded program, they don't send a 1095-A. So not only is it confusing for the clients, it's horrible for us, and can change year to year depending on the financials of the client and what they chose online a year ago.

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