TaxGuyBill
Level 15

@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.