topic Re: 1095 in Tax law changes

1095

jg12645 — Wed, 08 Feb 2023 01:31:26 GMT

I just turned 27 in August my dad has in the past filed me as a dependent because Iam on the affordable care act, my mom gets a 1095 with my name on it also. I started working in May and made 7900.00 can I file my taxes separately from theirs and how would it affect the 1095.

Re: 1095

Vanessa A — Wed, 08 Feb 2023 02:41:46 GMT

Yes, if you have earned income from an employer of $7,900 and had taxes withheld, then you can file a return to get a refund of your withholdings. If you did not have federal taxes withheld, then you would not be able to file a tax return. If you do file, you will need to enter the 1095A on your return with an amount allocated to you based on whatever your parents allocate on their return. If your parents allocate 100% to themselves, then you can allocate 0% to your self, but you would still need to enter the 1095-A. To enter your 1095-A select the following:

Click Deductions and Credits
Scroll down to Medical and Click Show More
Click Start or Revisit next to the ACA
As you walk through the questions, you will be asked if you received a 1095-A. Select yes
Walk through the entries.

If you did not have taxes withheld, you would not be able to file a return as your income is less than the standard deduction so you would not have taxable income or a refund so it would be a $0 return.

Since you are 27 and had earnings greater than $4,400 you cannot be claimed as a dependent on your parents return.

Re: 1095

jg12645 — Wed, 08 Feb 2023 03:12:09 GMT

Hi, I miss spoke IM 26 not 27 does that matter will be 27 in August.

Thanks Anthony

Re: 1095

DMarkM1 — Wed, 08 Feb 2023 13:45:30 GMT

No, age 26 or 27 doesn't matter as long as you were age age 24 or older on 31 Dec 2022 and made more than 4,400 you can not be claimed as a dependent on a tax return.