TaxGuyBill
Level 15
02-01-2020
03:20 PM
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@Chris sick wrote:
Self-employed client had higher than expected income, which resulted in excess advanced premium tax credit repayment of $24,000.
How much higher was his income?
If he can contribute to retirement accounts (such as IRAs and SEPs) to lower their income below 400% of the Federal Poverty Level, you can limit the repayment to $2650 (or less), which would save your client roughly $20,000 on their tax return.