Allocation of Policy Amounts on 8962
Hi all. I'm just looking for confirmation or comment on how I can handle an allocation of policy amounts on an 8962.
Taxpayer had a policy through the marketplace that covererd her, her dependent son, and a non-dependent son. We need to alocate the amounts on the 1095A between Taypayer and her non-dependent son. The Instructions say that if they agree, they can choose to allocate the policy however they want. Of course, it is way better for the son to take the policy 100% on his return since his income is significantly lower. I just want some confirmation from other professionals that there is nothing wrong with doing that. I've done it before but it always feels too good to be true. I've even found old posts that say that it is fine to do it this way. But it feels like a loophole that should have been closed by now.
Any comment is appreciated. Thanks
