Your situation is not unique. Balancing out income at tax time with what was 'estimated' to the Marketplace can leave taxpayers owing. However, there is a 'maximum' repayment limitation amount calculation for just such situations.
If your son earned enough income to be required to file a tax return, for purposes of the premium tax credit, your household income is your modified adjusted gross income for the year, plus that of every other member of your family who is required to file a federal income tax return. So not including him as a dependent won't help with calculating household MAGI.
Don't add or remove any numbers to the columns on Form 1095-A. There's a good chance your Efile will Reject if you do so. The 1095-A already reflects the premiums you paid (whether it was for your son, yourselves, or all of you).
Look at Part III, column B of your 1095-A, titled “Monthly second lowest cost silver plan (SLCSP) premium.” It should show figures for each month any household member had the Marketplace plan. The SLCSP premium is incorrect if:
- Part III, Column B has a “0” or is blank for any month someone in your household had the Marketplace plan
- You had changes in your household that you didn’t tell the Marketplace about — like having a baby, moving, getting married or divorced, or losing a dependent
If either applies to you, use our tax tool to get the premium for your second lowest cost Silver plan. You may need to get this straightened out first and get a revised 1095-A.
The 'sharing with another person' option is to allocate Advance Premiums between you, but since you didn't receive them, this may not benefit you or your son, although you could test it with different % options.
Here's more info on How is the Premium Tax Credit Calculated and Allocating a Marketplace Premium.
@taxpayer122
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