I have a client that had the same amounts every month in all columns of 1095A. When I enter monthly, versus annual total with Line 10 check "yes" his premium tax credit is about 300.00 less, why???? He gets more money if I enter monthly, however, according to the instructions he can enter annually and when I check yes on line 10 his credit goes down about 300.00.
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If he had same coverage for all 12 months, it should work out the same. Sounds like a typo may be involved?Originally posted by Super Mom View Post -
No typo, I checked and rechecked over and over. I don't understand the change in refund!!!Originally posted by kathyc2 View PostComment
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Can you give us the specific numbers, and maybe we can figure out what is going on?
Print the 8962 after entering the annual numbers, and then print it again using the monthly numbers. Then give us ALL of the numbers (including on top), and maybe we can decipher what is going on .Comment
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Sorry, got to take this morning. Will just print with the annual totals. Will try to make a copy and get back on here with it if I can before vacay! Thanks!!!Comment
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Originally posted by TaxGuyBill View Post
Ok, no rush on this, already filed with annual totals, will amend if need too. The annual totals (rounded) are 4967 column A 4831 column b and 4200 column C---Monthly amounts are all the same for Jan-Dec and they are 414 column A 403 column B and 350 column C. When I put all monthly numbers in and check "NO" on line 10 the PTC is about $300 more than when I follow the instructions and use the annual totals and click "yes" on line 10. I even tried putting in all numbers annual and monthly and just changing that checkbox on line 10--it makes about a $300 difference in PTC and I just don't understand why that would be.
I appreciate any help on this!! Just want to understand why instead of just relying on the software, which is really what I usually have to do when it comes to all this healthcare stuff!! I don't like relying on the software, I want to understand what is happening!Comment
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Your problem is your cant use annual totals if all the columns are not the same.Originally posted by Super Mom View Post
ChrisComment
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I CAN use annual totals, all columns are the same, if you are doing the math on the numbers I entered, the difference is due to rounding only.Originally posted by spanel View PostComment
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Does the modified AGI line (2a) change with entering monthly or annual?Originally posted by Super Mom View PostComment
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No, I just checked to be sure, the only thing that is changing is the amount given for the PTC on Line 26.Comment
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26 is a math line, so either 24 or 25 also changes. What are the amounts for these lines under both entry methods?Originally posted by Super Mom View PostComment
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When I click "no" on line 10 line 24 is 4831 and line 25 is 4200----when I click "yes" on line 10 line 24 is 4591 and line 25 is 4200Comment
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That doesn't make sense. You are saying line 24 - total premium tax credit is 4,831 which is also what you are saying is the cost of SLCSP (col B on 1095A). Even if someone is below poverty line, I believe the contribution is still 2.03% of income. What is line 5 - percentage of federal poverty line?Originally posted by Super Mom View PostComment
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Line 5 is exactly 100%--I know it makes no sense, but that is what my software (ATX) is doingComment
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100% (assuming this is a single person) income would be 11,770. The net annual cost he should be paying to SLCSP is 239 (11,700 x 2.03%). The plan he chose is 136 (4967-4831) more than SLCSP so you need to add that to the 239 for a total of 375. The amount he paid during the year was 767 (4967-4200). He is due an additional PTC of 392 (767-375).Originally posted by Super Mom View Post
I don't know anything about ATX, but if you just follow the math on the form, this is what your result should be.Comment
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