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Large Sum Payment Mid Year
We received an opportunity for a large sum payment in June 2024, which we took. We have affordable care for 2024. When we are paying our taxes it is taking our whole year income and applying it at adjusted gross income to calculate any underpayment for ACA. IS there a way to show this mid year payment, without having to pay a penalty for the first five months of the year when we had significantly smaller income. In essence our taxes are being treated as if we made the income throughout the entire year. Any help is appreciated.
‎February 21, 2025
7:11 AM