Thank you! But I think I am in a different situation. Essentially I wish to NOT claim part of the advance payments I received.
*** I want to pay back the advance tax credits I received for my daughter on the 1099A. ***
I want to do this because my daughter was wrongly anticipated as being a dependent. She should NOT have shared our plan. Until she started her job mid-year, she should have been on Medicaid or bought her own Marketplace plan (and paid full premium without any advance tax credit.)
My daughter’s is on my 1099A as a covered household member. She did not receive a 1099A.
Perhaps I will repay more than I need to, but I wish to repay the seven months of subsidies I received for her.
The way I thought of doing this was to claim 100% of column A on my return, but less than 100% of B and C. On my daughter’s return I would tell her to claim 0% for all three.
- I calculate that during the seven months (Jan - July) she was on the plan, the percentages of A, B and C attributable to her, were all 27%
- I did this by comparing the values in A, B and C for months Aug-Dec when only my wife was on the plan. (I am on Medicare).
So, I tried the following in Turbo Tax:
- Checked the box “Shared this polcy … someone who’s not on my tax return
- Entered daughter’s SSN and start and end months of Jan and Jul
Then on “What percentages do you wish to claim on your tax return?” I did this:
- - I put 100% in all columns and noted my total tax liability including all of my tax return, calculated by Turbo Tax.
- - I then changed the percentages to 100%, 73% and 73%
I was hoping that this would increase my tax liability by the seven months of my daughter’s advance payments.
*** But instead, my tax liability went DOWN by $800. ****
The % attributable to my daughter over the whole year is 16.7%. I could try entering 82.3% for B and C, but I am sure it will just produce a smaller drop in my liability.
There are six percentages to play with, three on mine and three on my daughter’s: How can I set those so that in total we pay back her subsidies?
All help very much appreciated.
Oh - and should I and my daughter add some kind of statement about all of this? And if so, how does one do that in Turbo Tax?
