AlexanderS08
Expert Alumni

Deductions & credits

Was it January of 2020 that you got your new job?

 

Unfortunately, if it was January of 2019 then your parents will not be able to claim you as a dependent because of your income.

 

The best case scenario would be if you did not start until January of 2020 and then your parents do claim you as a dependent. If they claim you on their tax return they will be able to reconcile the Advance Premium Tax Credit on your behalf and then you can essentially ignore the 1095-A and won't need a Form 8962 (because you will be listed on your parents Form 8962).

 

The problem is if they can't claim you on the return then you will have to reconcile your portion of the credit (you can claim a lesser amount by doing an allocation with your parents) and then it is possible you could have to repay some portion. But doing an allocation will reduce any repayment significantly.

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