How do I figure out the Premium Percentage,SLCSP Percentage and Advanced Payment of PTC Percentage if I share health insurance marketplace with my parents?

Forum|Forum|6 years ago
April 1, 2020
21 replies
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TurboTax Self Employed Online

VictoriaD75

Level 12

You will need to enter the information from Form 1095-A. You will indicate that the policy is shared with someone who is not on your return. You may enter any allocation percentage you agree upon, even 0% & 100%, as long as the total between all covered taxpayers is not greater than 100%.

If you purchased insurance through the marketplace and received a 1095-A, that must still be reported on your return.This will calculate the Net Premium Tax Credit on Form 8962. This form reconciles the amount of the credit available to you with the amount already received as an Advance Premium Tax Credit. The result could be additional credit owed to you, or you may have to repay any amount already received in advance. Because of either of these results, it is important for taxpayers to include the information from Form 1095-A on their return.

Follow these steps:

Click on Deductions & Credits under Federal
Under the menu for Medical, click Start/Revisit next to Affordable Care Act (Form 1095-A)
Answer Yes indicating that you have the form to enter
Complete the information on the next screen to match your form and click continue

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jherrmann1

Level 2

I know my SLCSP percentages, but I have three taxpayers on my plan that were on and off for different time periords. How do I allocate the SLCSP percentages within Turbotax for my return, as well as that of two additional tax returns (individuals).

Thank you

ThomasM125

Level 15

If I understand correctly, you have one form 1095-A and want to know what to allocate to the other individuals covered on your insurance who are filing their own tax returns.

I suggest you assign a number of "1" to each covered individual for each month of the year they had coverage. Then add all the numbers together and divide the total by each individual's number total. That will give you a percentage for each, the total of which is 100%.

Use your percentage to enter on your tax return and the other's percentage to enter on their tax return.

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braylenise2002

Level 2

Hello, I am having trouble figuring out the premium percentage and slcsp percentage. Is there a written out mathematical example that could be provided. I am not claimed by my parents but share a marketplace health policy in which the monthly premium, slcsp and monthly premium advance tax credit was the same each month for all 12 months in 2022.

JohnW152

Alumni - Intuit

There actually are some examples that would be useful to you. You can find them in the text below Allocation Situation 4 - Other situations where a policy is shared between two tax families in the Instructions for Form 8962.

According to Allocation Situation 4,

… you and the other taxpayer may agree on any allocation of the policy amounts between the two of you. You may use the percentage you agreed on for every month for which this allocation rule applies, or you may agree on different percentages for different months. However, you must use the same allocation percentage for all policy amounts (enrollment premiums, applicable SLCSP premiums, and APTC) in a month. If you cannot agree on an allocation percentage, each taxpayer’s allocation percentage is equal to the number of individuals enrolled by one taxpayer who are included in the tax family of the other taxpayer for the tax year divided by the total number of individuals enrolled in the same policy as the individual(s). The allocation percentage you use and that you put on line 30 of Form 8962 is the percentage of the policy amounts for the coverage that you will use to compute your PTC and reconcile APTC.

Please see the section cited above in the link to review the full text.

@braylenise2002

LETYP1960

Level 2

I HAVE APOLICY FOR MARKETPLACE MY DAUGHTER IS FILLING HER TAXES NOW BY HERSELF HOW DO I FIGURE HER POSENTAGE SHE WAS ONLY 3 MONTHS IN THE POLICY

RobertB4444

Alumni - Intuit

You get to do fun math. Look at the three months that she was in the policy and then divide the numbers for those three months by the number of people you had on the policy. She puts her share on her return and you put the remainder on your return.

For example, if you look at January and the numbers in columns A, B and C are $200, $160, and $100 for that month and you had four people on your policy then your daughter's share is one fourth of each column total. So on her return for January she would enter $50, $40 and $25. You would enter the rest on your return - $150, $120 and $75.

The total of both of your entries on the form should add up to what the total on the form is.

She will only need to enter information into the three months that she had coverage. The rest of her months get left blank.

@LETYP1960

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