Allocation of policy amounts for shared policy on form 8962

[firstprofessor90]

more info. Thanks

[Anonymous]

your question is not clear. what is your situation that you need to know about shared policy allocations?

if you want to read for yourself here's a link to 8962 instructions. 

https://www.irs.gov/pub/irs-pdf/i8962.pdf

[Treas05]

My husband retired in May and joined my policy - I need to know how to allocate Monthly Premiums, SLCSP amounts, and Advance payment of premium tax credit amounts.  Can you help?

[Treas05]

Hello, is any one there?

[PattiF]

When more than one taxpayer is on a marketplace policy, the 1095-A must be divided for each person. Since the policy was shared with your husband on your joint return, you will be able to divide the percentages for the months that he was on the policy any way that you wish.

You would allocate any percentage, even 0% & 100%, as long as the total percentage allocated between all policyholders is not greater than 100%. Starting in May, the Monthly Premiums, SLCSP amounts, and Advance payments could be evenly split at 50% and 50%.

@Treas05

[Treas05]

I'm really sorry but I forgot to mention that we are not filing jointly so I will have to also add Form 8962 to my husband's return and allocate it.  50% - 50% sounds o.k. but I was actually thinking 60% - 40%  -  the 40% to my retired husbands return.  Are those percentages o.k. for Monthly Premiums, SLCSP amounts, and Advance Payments as well?  Again, I'm really sorry that I failed to mention not filing jointly.  Thanks for your help.

[RaifH]

Unless you lived apart from your spouse or were the victim of domestic abuse, you may not take the premium tax credit if you are married filing separately. If you do allocate the policy, both of you will have to repay any advanced premium tax credit. The monthly premiums, SLCSP, and advanced premium tax credit must all be divided evenly.

For more information on the premium tax credit, see this TurboTax article.