topic Reporting family income support in Get your taxes done using TurboTax

Reporting family income support

nanapapanwt81 — Mon, 16 Mar 2020 15:44:38 GMT

Healthcare.gov gave me guidance that financial support from family counted as income. I provided the information they requested and they approved and gave me a premium tax credit for healthcare. My family are not claiming me as a dependent. How and where do I report the financial support they provided as income on the 1040?

Re: Reporting family income support

ColeenD3 — Mon, 16 Mar 2020 15:59:26 GMT

You don't. That was merely for PTC purposes.

Re: Reporting family income support

nanapapanwt81 — Mon, 16 Mar 2020 16:46:11 GMT

Thank you so much for your prompt reply and assistance. ! f it is not reportable though - would I not then have to repay the advance tax credit I received? ($400 a month they paid towards my health insurance - Everything I could find to read on this led me to believe I would) Thank you in advance!

Re: Reporting family income support

VictoriaD75 — Mon, 16 Mar 2020 22:53:38 GMT

It depends on your other income reported on your return.

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