My adult daughter was on a Health Insurance Markeplace plan with me. She wasn't working from Jan.-Aug. In Sept. she started working and earned over the required amount so that I could not list her as an adult dependent. I didn't realize at the time that I couldn't claim her and so I just added her income and updated the Marketplace information with her income and mine. Now as I work through my taxes, based on what I am reading, I think I should check the box that I shared a plan with another adult and she should do the same. And then should we both put 50% for allocation of policy amounts on both our returns. Is this correct?
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Yes. The percentages that you should enter for your premium, your SLCSP, and your advance payment should be an amount that you and your daughter agree on. It could be 50/50 or another amount. Make sure you are in agreement and that the percentages on both tax returns add up to 100% together.
Both you and your daughter need to enter a copy of the Form 1095-A that you received on your tax returns. TurboTax will ask you questions about if the policy was shared with someone and how to allocate the costs and credit. Follow the instructions below.
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