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Old 03-09-2016, 11:04 PM
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1095-A and 8962 Percentage Allocations for Marketplace Health Insurance

My tax situation is not that complicated. I use TurboTax Deluxe but it does not provide much guidance when it comes to Forms 1095-A and 8962 which stem from my purchasing health insurance from the NYS Marketplace. My wife and I will file a married, single return. My 24 year old son is covered by the health insurance I bought, but I will not be reporting him as a dependent and he will file his own tax return. I believe I can allocate the percentage of the health insurance premium, my SLCSP percentage and my advance payment of PTP percentage that I want to go on my taxes and my son's taxes. I am really not absolutely sure of this, though. All of the IRS examples in the instructions and the TurboTax examples are for rare tax situations (divorces, different children covered by different plans, divorces in the middle of the tax year, etc.) I can't find an example that deals with this. TurboTax basically ASKS me how I want the percentages allocated between my son and myself-it offers no guidance whatsoever. Just for the hell of it, I created 27 different scenarios, using 0%, 50% and 100% in every combination. If I used 0% for one of the percentages for myself, I used the reciprocal 1005 for the corresponding answer on my son's tax. Depending on the combination of numbers I used, the combined tax refund for my son and myself range from $8,265 to $20,037!!!! I don't want to do anything wrong. In fact, my son is graduating from law school and is very ethically minded and cannot in any way participate in anything that might even resemble tax fraud. But have I found a loophole the size of a Mac truck? Everything I've read seems to say the allocations between 2 people from different tax families who share the same Marketplace insurance only has to be AGREED ON by both. There don't seem to be any rules saying this is what I MUST do. I also know, that there is no free lunch. If I enter the combination of numbers that gives us the biggest refund, I'm sure one of us, if not both will be bitten on the ass in the future, but I just can't see how. Is anyone in this same situation? Has anyone figured out how to solve this puzzle?

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