ATX-THUY
Level 2
10-15-2020
03:50 PM
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The policy lists three participants. The parents and the taxpayer. So I allocated 67% to the parents and 33% to the son. I amend the parent's return. Faxed the Form 8962 for the son to IRS. I think this should resolve the son's problem with the IRS.
Unfortunately, the son made too much money, he has to pay back his share of the advanced credit.