Since the policy was under your name and you shared it with your parents, you can allocate the policy and the advanced premiums paid between yourself and your parents how you wish, as long as the entire amount is being claimed. If you paid the entire policy yourself, it would probably make the most sense to claim the entire policy for yourself. To allocate the plan in TurboTax:
- In Federal > Deductions & Credits scroll down to Medical and click Start/Revisit next to Affordable Care Act (Form 1095-A)
- Enter the information as it appears on Form 1095-A
- Let us know if these situations apply to you click I shared the policy with another taxpayer who's not on my taxes.
- Enter the allocation information that you have determined. You only need one of your parent's social security numbers to share since they are filing jointly. Please note, the three percentages must be equal, if you are sharing 75% of the premium percentage, you must also share 75% of the SLCSP percentage and the advanced payment of PTC percentage.
Please note when your parents' file, they must claim whatever percentage you did not. If you claimed 75%, they must claim the other 25%. Do not do the allocation yourself from the numbers on the form. Enter Form 1095-A with the exact numbers it reports.
