topic ACA 2017 and 2018? in Get your taxes done using TurboTax

ACA 2017 and 2018?

estherjune — Sat, 01 Jun 2019 18:37:06 GMT

I am doing my son's taxes in Turbo Tax Deluxe for 2018. After inputting the 1095-A information (he had all months of 2018 health insurance except January 2018) the question was asked if he had health insurance for Nov./Dec of 2017. He did not have for Nov/Dec 2017 and then got penalized more on the 2018 taxes. Wasn't he already penalized when filing 2017 for not having the full year of health insurance?

He went more than 2 months in a row without insurance (No...

TaxGuyBill — Sat, 01 Jun 2019 18:37:08 GMT

He went more than 2 months in a row without insurance (November 2017 through January 2018), so January is subject to the penalty.

If he paid a penalty for being uninsured in 2017 on his 2017 tax return, that would not have included a penalty for January 2018.

He did pay a penalty in 2017 on his 2017 tax return. So,...

estherjune — Sat, 01 Jun 2019 18:37:11 GMT

He did pay a penalty in 2017 on his 2017 tax return. So, I guess his January 2018 month on uninsured health insurance is penalized for January 2018. Another question please. Since he received a 1095-A does he have to report it on taxes? Or just take the penalty each month?

Yes, the 1095-A is entered on the tax return. The penalt...

TaxGuyBill — Sat, 01 Jun 2019 18:37:12 GMT

Yes, the 1095-A is entered on the tax return. The penalty only applies to months without insurance.

Your son doesn't qualify as your dependent, does he?

Each month I enter the money amount from the 1095-A it lo...

estherjune — Sat, 01 Jun 2019 18:37:14 GMT

Each month I enter the money amount from the 1095-A it lowers his refund. Maybe because he made too much? No, he doesn't qualify as my dependent.

Yes, if his income is higher than what he had told the Ma...

TaxGuyBill — Sat, 01 Jun 2019 18:37:17 GMT

Yes, if his income is higher than what he had told the Marketplace, he will need to repay some of the Advance credit that he received.

Yes, he didn't calculate the higher income when re-apply...

estherjune — Sat, 01 Jun 2019 18:37:18 GMT

Yes, he didn't calculate the higher income when re-applying. Thank you so much for the information, it has helped me to finalize his taxes.