Yes, you need to enter your parent's form 1095-A on your income tax return. The form 1095-A is used by marketplace to report individuals insurance coverage which provides information about insurance policy, premiums, he cost of the insurance , and any advance payment of premium tax credit. It will be reconciled on the individuals income tax return. The insured individuals may claim Premium Tax Credit on Form 8962 if income was below the poverty line, if not, advance payment will be added to the tax liability.
TurboTax will ask you to enter a 1095-A.
- Under Deductions and Credits, jump to Medical, click show more.
- Scroll down and choose, Affordable Care Act (form 1095-A).
- click yes "Did you receive Form 1095-A in 2020?".
- You'll enter the information from your parents' 1095-A.
- The next screen will ask you about your health plan being shared, so check the box..
- Enter the social security number in box 5 (recipient's SSN) on your parents' 1095-A
- Enter the starting month and ending month that you had the insuranceNow you'll be asked to enter percentages for Your Premium, Second lowest cost silver plan (SLCSP) and advanced payment.
- You see the amounts on your parents’ 1095-A, column A, B, and C. To calculate the percentage, add the number of covered individuals on from 1095-A and divide it. Example: Total covered individual are 4, so each individidual will get 25%..
