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Se hein and ptc refund

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    Se hein and ptc refund

    After working thru all the worksheets and the 8962 form it appears TP entitled to refund of PTC. Should this refund have been calculated in the se health ins deduction? I can't see that it has. Just some basis #'s. Straight ins paid outside market place was $12257.00 then went to market place. Prem was 1256.00 with a credit of 814.00(4 months). Plain English I get 12257+5025-3256=14026 which is what I am getting for SEhEI deduction. Then when I look at 1040 page 2 I see a refund of 1420.00. So should the HE ded also have been reduced by this refund?

    #2
    If I understand you correctly, yes.

    The $814 was the Advance payment each month (column C of the 1095-A), right?

    The monthly "premium" of $1256 is in column A of the 1095-A, right?

    When you say "refund" of the PTC, you are meaning they are receiving more PTC on their tax return than they received in Advance credit on the 1095-A, right?

    Just to double-check, the "worksheets" you did were the specific PTC/SEHI worksheets, right?


    Although there is often some wiggle-room, if the calculations are done correctly and there is additional PTC on the tax return, the Self Employed Health should be (1) the total of Column A of the 1095-A, MINUS (2) Line 24 of the 8962, PLUS (3) the cost of the other after-tax, non-Marketplace insurance.


    If you need help, give us Lines 1, 3, and 5 of the 8962, and the numbers on the 1095-A (all three columns, for each month). You can also give us Lines 8b and 24 of the 8962 so we can cross-check our numbers with yours.

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      #3
      Follow up and thank you.
      The answers above are correct.
      8962 line 1=2
      8962 line 3=21600
      8962 line 5=137%
      form 1095A col a 4 months @1256 each month
      form 1095A col b 4 months @1228 each month
      form 1095a col c 4 months @ 814 each month
      8962 line 8b=59
      8962 line 24=4676

      TP paid 12257 other insurance b4 going to market place. I have them getting a additional refund of 1420 and a he ins ded of 14026.

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        #4
        The 21,700 is after the deduction of 14026 to SE correct? The SE deduction should be reduced by the additional credit on return. This will then increase the AGI and make the credit less. If the SE insurance is not being reduced by the amount of additional credit, you may be inputting it incorrectly. For example, in ProSeries, rather than entering the amount paid on the Sch C worksheet, it should be coming from linking the Sch C activity to the entry on 1095A worksheet.

        Comment


          #5
          Yeah, as Kathy noted, I messed up with what I asked for. Rather than Line 3, we need to confirm/calculate MAGI before the special PTC/SEHI computations.

          Form 1040: Lines 8b, 20a, 20b, any excluded Foreign Earned Income on 21, 22, 29, and 36 should do it. And Form 8962, Line 2b (if any).


          What software are you using? Do you know if it does the special PTC/SEHI calculation, or do you manually do that?

          Comment


            #6
            #S ON RETURN line 12 sch c income 33106
            line 17 from a k-1 5908
            line 27 2339
            line 33 1049
            what I now have on line 29 14026
            agi line 37 21600

            try these #'s to see what we get please.

            Comment


              #7
              #S ON RETURN line 12 sch c income 33106
              line 17 from a k-1 5908
              line 27 2339
              line 33 1049
              what I now have on line 29 14026
              agi line 37 21600

              no other entries on return

              try these #'s to see what we get please.

              Comment


                #8
                Originally posted by TAX4US View Post
                #S ON RETURN line 12 sch c income 33106
                line 17 from a k-1 5908
                line 27 2339
                line 33 1049
                what I now have on line 29 14026
                agi line 37 21600

                no other entries on return

                try these #'s to see what we get please.
                Line 29 would be 12,657 which is 12,257 non ACA policy, plus 1768 net pd for ACA 4 mo, less 1368 add'l premium credit from 8962

                8962 numbers would be line 2 22969, line 5 146%, line 24 4624 line 25 3256 line 26 1368.
                If you post what software you use, I'm sure someone can help you with how to enter the insurance info.
                Last edited by kathyc2; 08-04-2016, 08:57 AM.

                Comment


                  #9
                  Software atx-max

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