Can I purchase a separate heath plan on the exchange for my (under 26) non dependent child?

[Duckduckgoose]

We purchased a plan through the exchange for our non dependent son for 2020. He was 25 or less all of 2020. We received a 1095-A for him with him listed as a "covered individual". Everything I see about non dependents under 26 is that they can remain on their parents plan. Since he is not on our plan specifically does this change anything? Do I report the 1095-A on our return just like the 1095-A for my wife and myself?

[MaryM428]

After you enter the 1095-A for yourself and your wife, you will click to add another 1095-A.  Then you will click the section that you shard this 1095-A with another taxpayer not on your return.  It will aks for your son's social security number.  Then you will allocate the 1095-A percentage.  You can make it 100 percent you or any percent that your and your son agree upon.

If you son also receives a 1095-A he will enter it on his tax return.  The percentages can be allocated however you both agree as long as they add up to 100%.

Where do I enter my 1095-A?

[Duckduckgoose]

That's great. Thank you for the info. I'm self employed so would there be any issue of my taking a deduction for self employed heath care for the percent I allocate to my return? Also, if I take on 100% and he does not receive a 1095-A does anything need to be reported on his return? Thanks!

[MaryM428]

Your son will receive a 1095-A.  He will report that on the return with his percentage as 0% in all the boxes.  He will input your social security number when TurboTax asks if the policy was shared with another person not on his tax return.

The IRS rule is that all percentages must add up to 100% and that all parties must agree to that division.

[Duckduckgoose]

Ok, so I allocate 100% on my return, and 0% on my son's across the board (Premium, SLCSP, and PTC).  I indicated that this was tagged to my self employed business as well. When I entered my son's social security number I got the following message: "Social Security Number policy allocations for a form 1095A linked to a business, Business Related Premiums smart worksheet below, are not supported."

Does this mean I can't connect this to my self employed business? Thank you.

[MaryM428]

You will not be able to enter the 1095-A for your non-dependent son as a self-employed business expense.

You will enter the 1095-A for your son using these steps:

• Federal
• Deductions and Credits
• Medical
• 1095-A

Fill in the first page exactly as it is on the 1095-A

The next page will say: Let us know if these situations apply to you

Check I shared this policy with another taxpayer who is not on my taxes

Put in your son's social security number

The IRS only requires that both of you agree on the percentage that you are claiming and that the percentages for each field add up to 100%..  So you can put 100% for your percentages or any percentage that you and your son agree on.
 

Your son will enter his 1095-A in the same manner and put your social security number as the person the policy is shared with.  If you use 100% for your percentages, then your son will use zero for his.
 

Form 1095-A is a form that is sent to Americans who obtain health insurance coverage through a Health Insurance Marketplace carrier.