Marketplace Allocation

[@lindarizzuto6664]

Tom, I can’t thank you enough!!! I sent this video to our accountant and it has helped us tremendously!!

[@probowie]

Thank you for an excellent video. Would it be possible to give a "sample" calcualtion? The IRS instructions use the term "applicalbe SLCSP" and that part is unclear on how to use on both Parent and Child in a situation similar to the one you mentioned. For clarity use an allocation that isn't 100% / 0%. Would be much appreciated. Still searching for answer.

[@konaboyz1690]

Excellent Video! Surfing CPA Honolulu, Hawaii-San Diego, California

[@UofITaxSchool]

Thank you so much for your kind words.

[@mauraodell522]

My son and his girlfriend have a young child together. She purchased a policy covering herself, their child, and her child from a prior relationship. She received her 1095-A and filed her 2022 taxes. My son now wants to file as head of household and claim their child as a dependent, and he is required to include form 8962. Should he only complete section IV and enter -0- in each of columns e, f, and g, since she has already reconciled 100% on her taxes?

[@benhamberg]

HI, We have Marketplace and for 2022 our son was on the policy. He is 20, filed by himself and we did not claim him as a dependent. Our return was accepted. Our son's got rejected. We want 100% of the allocation to go to us(parents). Do I put down zeros on our son's return's 8962 form where it says "premium percentage" "SLCSP" percentage and "Advance payment of the PTC percentage" ? Thanks

[@hillsmusicoffice1805]

So if the parents are generating a loss for any tax year it's better for them to claim the entire credit instead of allocating any to the non-dependent adult child?

[@UofITaxSchool]

That would appear to be the case based on the guidance provided in the instructions for Form 8962, Premium Tax Credit

[@laurirogers1193]

Husband is retired, I work about 6 days a month. I got my 1095A, but the numbers in the three columns are not the same from top to bottom. So confused

[@UofITaxSchool]

Unfortunately, we are unable to respond to questions about personal situations. It is best to consult your tax professional.