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Level 2
posted Feb 27, 2024 11:43:19 AM

Affordable Care Act Insurance

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0 5 561
1 Best answer
Employee Tax Expert
Feb 28, 2024 1:03:26 PM

No.  You will know as soon as you enter the 1095-A, assuming you have entered all of your income on your return, it will tell you when you finishing entering the form.  Once your return is complete, you will know for sure if you have to pay the premium back or not and if so, how much you will have to pay back. 

 

You will see this on line 2 of your Schedule 2 as well. 

5 Replies
Expert Alumni
Feb 27, 2024 1:04:44 PM

You can enter the 1095-A form on your tax return since she is your dependent.  She does not need to file her own return if she had no income.  

Level 2
Feb 28, 2024 11:32:08 AM

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Employee Tax Expert
Feb 28, 2024 11:55:46 AM

Yes, if your income is above 400% of the Federal  poverty level and you are claiming your daughter as your dependent, you will end up having to pay back the Advanced Premium Tax Credit.  If you are claiming her as a dependent, then you have no choice, but to enter the 1095-A on your return.  

 

The best thing to do in this situation is to do your taxes with her and the 1095-A and then do them without her and the 1095-A.  Depending on your income and the rest of your situation, you may be better not claiming her.  

 

Since she is 30 years old, you would be able to claim the $500 Non-Refundable Other Dependent Credit as well as possibly able to file as Head of Household.  However, having to pay the credit back may be more than you gain by claiming the credit and the difference in filing status. 

Level 2
Feb 28, 2024 12:54:52 PM

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Employee Tax Expert
Feb 28, 2024 1:03:26 PM

No.  You will know as soon as you enter the 1095-A, assuming you have entered all of your income on your return, it will tell you when you finishing entering the form.  Once your return is complete, you will know for sure if you have to pay the premium back or not and if so, how much you will have to pay back. 

 

You will see this on line 2 of your Schedule 2 as well.