I was a dependent on my parents market place insurance, but not a dependent on their tax returns. both my parents, my sister and I were on the same policy. Under allocation of policy amounts, should I enter 25% in all three boxes- namely premium percentage, advanced payment of PTC percentage and SLCSP perencentage? or is the SLCSP percentage box left blank? I read that somewhere that SLCSP percent box is usually left blank. is that true for everyone?
You will enter the 25% in all three of the boxes.
Be sure that your parents are not claiming 100% if they paid the full premiums for everyone. The amount that is allocated needs to add up to 100%. This means they can claim 100% or 75% and you would claim the remaining amount.
You will enter the 25% in all three of the boxes.
Be sure that your parents are not claiming 100% if they paid the full premiums for everyone. The amount that is allocated needs to add up to 100%. This means they can claim 100% or 75% and you would claim the remaining amount.
Thank you for the answer.
I also wanted to confirm that out of the 4 people if my sister doesn’t file a tax return due to income being below the threshold. Does that affect the percentages in any way?
No. The percentages are not based on the number of people filing taxes who are on the policy. Meaning her filing status does not affect you.
However, anyone who is not a dependent on another persons return and has coverage through the marketplace, does need to file a return regardless of income.