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Both a man and his ex wife are the recipient of the 1095A I added nothing into the software for his medical bills but after I input the 1095A the $20950 populates as Medical & Dental He also took $20,207 of his 401K, and yes they took $4140 in Fed taxes and actually took $1566 in state taxes. I did enter the total amount of the distribution as as Code 1 an early distribution, A Gross Distribution, the Taxable amount, and Total Distribution I did not enter the net. He was in the hospital for a week It could have easily been $21K I do not have a mentor we could really use your help.
The guy is filing single and his ex paid $334 monthly for their insurance the entire year but we will count it as if he paid for it because they are divorced and she has no income. Looks like they kept the family coverage the entire year as the 1095A is consistent He had $30,192 in Social Security but the program is only counting $5670 as income Looks like his income is just over 2 times but not 4 times the Federal poverty level. Obviously its the pension that is killing him. Does he really owe $17K?
no regular income
Interest income | 74 |
Taxable pensions | 20,207 |
Taxable social security benefits | 5,670 |
Total income | 25,951 |
Total adjustments | 0 |
Adjusted gross income | 25,951 |
Medical & dental | 20,990 |
Taxes | 3,769 |
Interest | 3,107 |
Total itemized deductions | 27,866 |
Standard deduction | 12,200 |
Larger of itemized or standard deduction | 27,866 |
Taxable income | -1,915 |
Excess advance premium tax cr. repayment | 19,020 |
Tax before credits | 19,020 |
Total credits | 0 |
Tax after credits | 19,020 |
Tax on IRAs, other qual. ret. plans, etc | 2,021 |
Total tax | 21,041 |
Federal income tax withheld from 401K | 4,041 |
Total payments | 4,041 |
Amount you owe | 17,000 |
Marginal tax rate | 0.0% |
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