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Get your taxes done using TurboTax
You can indicate that you shared the policy and prorate. See the screen shots below. For instructions how to allocate percentages, see the following text. You can also click on the blue link. What percentage of the following policy amounts do you want to claim on your tax return? How do I figure out these percentages?
How do I figure out these percentages?
It depends on your situation.
Child/Children on another tax return
If you share a policy with someone who is claimed on another tax return (usually a child), you can take the number of people on your tax return who are covered on that plan and divide it by the total number of people on the plan. This would be your percentage of premiums, SLCSP and advanced payment of the premium tax credit, unless you agreed on a different number beforehand.
Example: Rich and Jackie are divorced and have two children, Ronald and Jimmy. The children live with Jackie and she claims them as dependents, but Rich enrolled him and the two children in a Marketplace plan in 2016. Rich and Jackie didn't agree on allocation percentages, so she takes the number of people on her taxes who are on the plan (the two children) divided by the total number of people on the plan (Rich and the two children). Jackie will take 67% of the premiums, SLCSP and advanced payment of the premium tax credit. Rich will take 33%.
Child/Children on another tax return
If you share a policy with someone who is claimed on another tax return (usually a child), you can take the number of people on your tax return who are covered on that plan and divide it by the total number of people on the plan. This would be your percentage of premiums, SLCSP and advanced payment of the premium tax credit, unless you agreed on a different number beforehand.
Example: Rich and Jackie are divorced and have two children, Ronald and Jimmy. The children live with Jackie and she claims them as dependents, but Rich enrolled him and the two children in a Marketplace plan in 2016. Rich and Jackie didn't agree on allocation percentages, so she takes the number of people on her taxes who are on the plan (the two children) divided by the total number of people on the plan (Rich and the two children). Jackie will take 67% of the premiums, SLCSP and advanced payment of the premium tax credit. Rich will take 33%.
‎June 7, 2019
3:39 PM