market place

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  • SHUBEE89
    Junior Member
    • Feb 2020
    • 25

    #1

    market place

    in 2020 if a client had a penalty on their market place policy the irs abated the penalty i have a client that owes 2,500 from the market place premium is there
    anything that i can do to get this abated on 2021 tax return?
  • TaxGuyBill
    Senior Member
    • Oct 2013
    • 2321

    #2
    Originally posted by SHUBEE89
    in 2020 if a client had a penalty on their market place policy the irs abated the penalty i have a client that owes 2,500 from the market place premium is there
    anything that i can do to get this abated on 2021 tax return?

    There are no "penalties" from the IRS for Marketplace insurance,

    Are you referring to the one year exception for the "repayment" of any Advance credit that the taxpayer did not qualify for? If so, that only applied to 2020; it does not apply to 2021.
    Last edited by TaxGuyBill; 03-05-2022, 07:06 PM.

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    • SHUBEE89
      Junior Member
      • Feb 2020
      • 25

      #3
      when i input the 8962 from market place there is an advance premium tax amount owing is there anyway to reduce this premium tax repayment

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      • Lion
        Senior Member
        • Jun 2005
        • 4699

        #4
        Get client's AGI below 400% of poverty level. IRA? HSA? MFS?

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