Premium Tax Credit

[rwc2133]

I help a relative with his taxes and have done so on TurboTax for many years.  He believes he should receive a premium tax credit but I am unable to see where he gets one.  Am I missing something?  He files as single with a family size of 1.  His Household Income is $37,371.00 and line 5 of Form 8962 says he is at 307% of the federal property line.  His annual enrollment premiums are $7087.00 and Line 11(c) of Form 8962 says his annual contribution amount is $3685.00.  Lines 24 and 26 of Form 8962 says his premium tax credit is $0.00. Can this be correct?

[AmeliesUncle]

What is the annual Second Lowest Cost Silver Plan (SLCSP) on Line 33b of the 1095-A?

[DoninGA]

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@AmeliesUncle wrote:

What is the annual Second Lowest Cost Silver Plan (SLCSP) on Line 33b of the 1095-A?

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No one would know that since it is based on the information you provided to the state Marketplace Exchange when you were applying for health insurance.

What is entered on the Form 1095-A you received from the Marketplace?

[AmeliesUncle]

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@DoninGA wrote:

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@AmeliesUncle wrote:

What is the annual Second Lowest Cost Silver Plan (SLCSP) on Line 33b of the 1095-A?

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No one would know that since it is based on the information you provided to the state Marketplace Exchange when you were applying for health insurance.

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Huh?  I am asking what is Line 33b of the 1095-A.  The OP has entered the 1095-A, and line 33b is an important factor

[DoninGA]

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@AmeliesUncle wrote:

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@DoninGA wrote:

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@AmeliesUncle wrote:

What is the annual Second Lowest Cost Silver Plan (SLCSP) on Line 33b of the 1095-A?

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No one would know that since it is based on the information you provided to the state Marketplace Exchange when you were applying for health insurance.

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Huh?  I am asking what is Line 33b of the 1095-A.  The OP has entered the 1095-A, and line 33b is an important factor

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Line 33B on the Form 1095-A is the Total of Column B in Part III of the 1095-A.  What does is the Total on your Form 1095-A?

[AmeliesUncle]

Yes, and that number will flow to the 11b on the 8962.  That number is a vital component for the calculating the credit, and knowing that that number will likely help me assist the OP.

[DawnC]

Yes, it can be correct.  The annual premium tax credit allowed is the smaller of column (a) or (d).  Column (d) is (b) - (c).   So if column b (Annual cost of the SLCSP plan) is less than $3685, his premium tax credit would be $0.   If it is more than $3685, his PTC would be the difference between those 2 amounts.  

[rwc2133]

He has a Bronze $0/$0 Advantage Plan through the Marketplace.  Line 11(b) on Form 8962 is 0.  Line 3(b) (SLCSP) on the Form 1095 is 0.  Line 33A on Form 1095A is $7087.00  Line 33(c) on Form 1095-A is 0.  Hopefully that clarifies.

[AmeliesUncle]

You need to look it up:

https://www.healthcare.gov/tax-tool/#/premium-tax-credit

[DawnC]

Since your column (b) is missing, you will need to use the link referenced above to determine the amounts and add them to your 1095-A form.  When you enter the amount of the annual cost of the SLCSP plan, the amount of premium tax credit will show up on Line 24 as long as the annual total is more than $3685 (it most likely is).