Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-23-2017, 12:15 PM
Junior Member
 
Join Date: Jun 2017
Posts: 1
Dependent on Marketplace account emancipating

Hi there, I am a disabled single individual, parent of one child who just graduated college. I am not even required to file returns but I have the last 4 years for financial aid purposes. I get Medicare and so he has had his own individual health policy that for the last two years was bought through the marketplace. No problem filing our 2016 returns because I had no AGI and he had very little, we both filed 1040As and no tax was due. This year will be tricky however and I am not sure what to do. We take a $200 monthly premium tax credit for his health policy. Starting in August, he will be working full time and eligible for employee health plan on 9/1. Since he will be making money and having taxes deducted, I am assuming he would file 2017 tax return as an individual, no longer my dependent. If this happens, are we going to get slammed for the premium tax credit, since I can no longer file him as a dependent? Looking for advice as a bill for $1600 in premium tax credits will be impossible for me to pay.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 07-03-2017, 05:08 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,835
Hi there, I am a disabled single individual, parent of one child who just graduated college. I am not even required to file returns but I have the last 4 years for financial aid purposes. I get Medicare and so he has had his own individual health policy that for the last two years was bought through the marketplace. No problem filing our 2016 returns because I had no AGI and he had very little, we both filed 1040As and no tax was due. This year will be tricky however and I am not sure what to do. We take a $200 monthly premium tax credit for his health policy. Starting in August, he will be working full time and eligible for employee health plan on 9/1. Since he will be making money and having taxes deducted, I am assuming he would file 2017 tax return as an individual, no longer my dependent. If this happens, are we going to get slammed for the premium tax credit, since I can no longer file him as a dependent? ====>Yes I think so;your advanced tax credit is larger than your premium tax credit you need to pay penalty on your return.the penalty amount is also based on the number of months you or your dependents were uninsured.

Looking for advice as a bill for $1600 in premium tax credits will be impossible for me to pay.==> If you can?t pay the taxes you owe, the IRS has payment options available. Which option might work for you generally depends on how much you owe and your current financial situation. Each option has different requirements and some have fees. If you can?t pay in full immediately, the IRS offers additional time (up to 120 days) to pay in full. It?s not a formal payment option, so there?s no application and no fee, but interest and any penalties will continue to accrue until the tax debt is paid in full.
For information on the additional time up to 120 days, please call the IRS toll-free at 1-800-829-1040 (individuals)



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 11-15-2017, 10:53 AM
Member
 
Join Date: Jun 2016
Posts: 45

the timberland companytimberland boots for cheaptimberland boots for cheap
<a href="http://www.aurent.it/newindex">the timberland company</a>timberland boots for cheaptimberland boots for cheap
<a href="http://www.aurent.it/newindex">timberland boots for cheap</a>
timberland boots for cheap



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 11-17-2017, 11:15 PM
Member
 
Join Date: Jun 2016
Posts: 45

<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose sale online shop</a></strong><br>
<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose whistler</a></strong><br>
<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose baby</a></strong><br>
<br>
<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose sale online shop</a></strong><br>
<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose whistler</a></strong><br>
<strong><a href="http://www.esthervoile.it/goose.php?f=newindex">canada goose baby</a></strong><br>
<br>



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Enroll in marketplace for healthcare coverage? Firequestion Medical 4 05-05-2017 02:08 AM
Question regarding marketplace insurance and marriage Singvoice Medical 1 03-04-2017 07:51 AM
HSA and Dependent Flexible Spending Account Questions SSGD Medical 1 06-12-2016 09:08 PM
1095-A and 8962 Percentage Allocations for Marketplace Health Insurance who4ever For 2015 0 03-09-2016 11:28 PM
Regards dependent care flexible spending account FSA zofa300 Income 1 11-15-2014 03:12 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning