affordable health care payback of premiums

[Rickey]

Okay I am gonna try this again as my previous way of phrasing this was not clear

We have the affordable health plan

We had an unexpected but welcomed windfall which pushed are income upward.

In turbo tax it now says we don't have to pay all of it back but we need to pay 2600 back

Okay fine.

The questions.

Where does Turbotax take into account my student childrens income?

Last year Turbotax asked a direct question about dependents income and had a space to put in the amount and it was used in the premium awarded in  the affordable healthcare area.

This year there is no such question anywhere that I can find.

When you sign up for the affordable healthcare stuff they ask for all family income to calculate what you will be given.

So it is hard for me to believe that all family income is not used when calculating any overpayments on the premiums.

If they are not Yehaaaaaaaaaaaaaaa

Anyway  Anyone know for sure?

[MarilynG]

Yes, Form 8962 for the Premium Tax Credit, does take dependent income into consideration, if they are required to file a tax return. 

If your student files their own return but is included on your insurance policy,  check the box indicating 'I shared this policy with someone who is not on my return' when entering your 1095-A. 

TurboTax asks for their SSN and the % of the policy premium you want to allocate to them and then calculates the PTC. 

If your student is your dependent and does not file their own return,  their income is obviously under the dependent threshhold income amount.

In that case, and if your household income does not exceed 400% FPL, TurboTax may not ask for the amount of dependent income directly.

You can view Form 8962 in TurboTax to check the entries when you View/Print your return.

This income is shown on Line 2b of Form 8962.  Click the link for a copy Form 8962.

Click the link for further detail on Page 6 of the IRS Instructions for Line 2b of Form 8962.