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FORM 1095 A

Forum|Forum|3 years ago
March 14, 2023
4 replies
15 views

When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket , why am I been charge money instead and totally change my refund?

ProSeries Basic

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Best answer by Just-Lisa-Now-

If the income on the return is higher than you told them it would be, you got too much discount on the premiums and you have to pay that back.

dkh

Level 15

Here is what IRS says about Premium Tax Credit https://www.irs.gov/affordable-care-act/individuals-and-families/eligibility-for-the-premium-tax-credit

I'm guessing that's what you're referring to when you say "credit for paying out of pocket"

Just-Lisa-Now-

Answer

Intuit Community Champion

If the income on the return is higher than you told them it would be, you got too much discount on the premiums and you have to pay that back.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN

Level 15

"When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket"

So if someone makes a million bucks, are you thinking they should still get a credit? As noted above the credit is based on their actual income for the year. Sometimes the client wins and gets an additional credit and sometimes they lose and have to pay some of it back.

Slava Ukraini!

qbteachmt

Level 15

"When reporting Form 1095 A tax payers are suppose to receive a credit for paying out of pocket"

Or, perhaps you are referring to how your self-employed taxpayer client might be entitled to a credit as part of the business expenses?

It's hard to know exactly what "credit" means in this context. Is your client self-employed?

Don't yell at us; we're volunteers

J

Jiame75Author

Level 2

NO, she is single and on a w-2

qbteachmt

Level 15

A W2 Employee has all sorts of other issues, such as if they are covered by the employer, or a marketplace plan, any months, all months, some months. Paying "out of pocket" or through payroll deductions, pre- or post-tax. Etc.

Did you fill in everything that was asked for? If so, and you reviewed it, then perhaps the Software is fine?

Or, you have to understand why you think it is wrong.

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