Healthcare Marketplace and underestimated Income due to a Lump Sum Payment (Form 8962)

[Suehtt]

My husband received a Lump Sum payment from SSDI of which a large amount was for tax year 2020.  Our AGI looks horrible but unfortunately this increased our MAGI enough to create a huge tax bill that we must pay.   Does anyone know if there is anything that I can do to not have to pay thousands of dollars?   We are both disabled and on SSDI so this is a big hit.

Any input would be greatly appreciated.

Thank you!!

[rjs]

After you entered your SSA-1099s, the next screen asked "Did you receive any lump-sum payments?" Did you answer Yes and go through all the questions about the lump-sum payment? It doesn't always help, but it's worth trying. That's the only thing you can do to reduce the tax.

[Suehtt]

 Yes I did enter it.  Unfortunately it did nothing.   

I was hoping that there would be some sort of forgiveness due to the fact we are both disabled but Im not seeing anything.   Thank you for trying to help!! 🙂