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corny17
New Member

Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

 
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5 Replies
BillM223
Employee Tax Expert

Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

Families with multiple people on the 1095-A policy are free to allocate the Premium Tax Credit information any way they all agree to.

 

In your case, it would be common for the parents who actually received the major benefits of the Premium Tax Credits to allocate 100% to themselves while their children allocate 0% to themselves.

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Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

My non-dependent son who files his own tax is on my policy, and I pay all the premium. But if I allocate 100% to me, I wouldn't be eligible for the PTC because my income exceeds the threshold as a single-member plan. But my income is still below the limit for the 2-member plan.  I am guessing those percentages are there to resolve this issue. 

There are many answers to similar questions but the most say "You can use any percentage numbers as long as everybody agrees", without telling how to come up with the most tax-optimal (the minimum total tax amount among the plan participants) allocation. Do you have any guideline? This answer suggests allocating 100% to the person of the lowest income. Would you agree? If the income is lower than a certain number, wouldn't the PTC be also limited? I have a feeling that the optimal number is somewhere between 50% and 100%. Also, all the answers use the same percentage to PTC, SLCP and Advanced Payment, but is this really the optimal way?

WKins2
Expert Alumni

Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

Unfortunately there isn't much guidance around your particular issue except to say you should find the percentage that will work with what you need to get to. 

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Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

I sat with my son and tried different percentages and found out reducing mine to 0 and give him 100% minimizes the total tax burden. What worries me a little is that if I do that Form 8982 Premium Tax Credit's two tables showing each month's Premium, SLSCP, Monthly Contribution .etc are blank. Is that OK?

 

 

AmyC
Employee Tax Expert

Tax Year Prior to 2020: If my parents paid 100% of my healthcare premiums and I am not responsible for any of it and I am not a dependant on their taxes, but on their 1095-A. Do I put 0 on all

The IRS computer will add the 1095-A schedules together to get the complete picture. As long as they add up to what was reported to the IRS, the computer is happy. 

 

@tk94110

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