Gross 647,000 with NOL of 106,000 Paid 3,000 for his monthly premium in Obamacare. Software is figuring he shouldn't have had to pay anything for his health insurance and therefore giving him back the 3,000. Does this sound legal to you?
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If the taxpayer received an Advance credit (column C of the 1095-A), yes that is possible (and therefore legal on the tax return). That is assuming the monthly payment (column A of the 1095-A) is equal to or less than that SLCSP (column B of the 1095-A).
Whether or not the taxpayer legally filled out the Marketplace application (to receive the Advance credit), that is debatable, but that is not your concern.
As a side note, $3000 a month? Wow. Out of curiosity, where does the taxpayer live, and how old is the taxpayer? Does that cover the spouse and/or dependents too? -
For the Year
Sorry for the miscommunication $3000 was for the whole year for himself only.
It sounded right to me but others in my office think it might look fishy on the return. So I like to get others thoughts too. Thanks for your input.Comment
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