This year my parents are not declaring me as a dependent. On the health insurance however I was covered under my parents health insurance coverage 1095A

[Coleen3]

You will need to get and enter the 1095-A.

I'm on my parents' health plan but not on their tax return, I didn't get a 1095-A and there are amou...

In this case, TurboTax will ask you to enter a 1095-A. You'll enter the information from your parents' 1095-A. The next screen will ask you about your health plan being shared, so check the box.

Then you'll see a screen asking for shared policy information. You enter the following:

•  Enter the social security number in box 5 (recipient's SSN) on your parents' 1095-A
•  Enter the starting month and ending month that you had the insurance

Now you'll be asked to enter percentages for Your Premium, Second lowest cost silver plan (SLCSP) and advanced payment.

You should see amounts on your parents’ 1095-A, column A, B, and C. You and your parents should agree on what percentage of those amounts you’ll claim on your return, and what percentage they’ll claim on theirs. You can use anything from zero to 100 percent, as long it all adds up to 100 percent.

Example: Nate is working and not on his parents' tax return. He is on their Marketplace health plan and listed on their 1095-A. He didn't receive a 1095-A in his name.

He and his parents have to figure out how much of column A (monthly enrollment premiums), column B (monthly SLCSP) and column C (advanced payments) on their 1095-A will go on their return and Nate's return. They decided that Nate will enter 10% of those amounts on his return and his parents will enter 90% on their return. They could have decided to have 100% on the parents' return and zero percentage on Nate's return.

[DM2018]

Will parents need to repay some of the Prepaid Premium Credit?

[BillM223]

@DM2018

We in the Community do not have enough information to answer that.

It depends on how accurately your parents predicted their income at the beginning of 2019 and if they had any major changes in their status (adding a child, losing a job, etc.).

Normally, if you have an adult child on your ADA insurance, you allocate all the PTC to yourself and allocate zero to your child. However, whether or not that increases or decreases their PTC depends on other factors.

[DM2018]

Thanks.

This was 2018; It was entered.

Isn't child's income taken into account when prepaid PTC is computed? Would you elaborate on some of the other factors? Thanks!

[JotikaT2]

It depends.

Please see the attached link for the possible scenarios at it applies to your situation.  There are many factors that could contribute to how you need to handle this on your 2018 return.

What if I am filing but I am on my parent's 1095-A form

[DM2018]

Should the two returns that the advance are allocated to be filed at the same time? Especially if it is for a prior year?

[JotikaT2]

It depends.

If the IRS notices any discrepancies or issues with the calculation of the Premium Tax Credit on either tax return, they will notify you and request additional information to support the amounts claimed on each return respectively.

Premium Tax Credit information