I have a client who worked for a hotel and was covered by the Company's Insurance for 3 months (Jan to March) but because of Pandemic, it resulted to temporary closure of the business. He applied to market place effective May to December, and was provided a 1095A covering 8 months period. In calculating Form 8962, because his total modified AGI is $52,592.00 in cluding what he received from EDD, his Household income as a percentage of federal poverty line is 401%., and calculated his excess advance payment of PTC in Part III is 3008.00. how could I reduce this amount, as I wanted to make monthly calculation as it states in Publication 5187 that TAXPAYERS WHO RECEIVE 1095-A HEALTH I NSURANCE FR MARKETPLACE SHOWING CHAN GES IN MONTHLY AMOUNTS MUST DO A MONTHLY CALCULATION TO DETERMINE THE PREMUIM TAX CREDIT IN SEC 2 OF FORM 8962. TAXPAYERS WHO HAVE CHANGES IN MONTHLY AMOUNTS NOT SHOWN IN FORM 1095A (FOR EX. A TAXPAYER ENROLLED IN QUALIFIED HEALTH PLAN BECAME ELIGIBLE FOR EMPLOYER COVERAGE DURING THE YEAR BUT DID NOT NOTIFY THE MARKETPLACE) MUST ALSO DOI A MONTHLY CALCULATION TO DETERMINE THIER PREMUIM TAX CREDIT. PLS HELP ME HOW TO DO THIS IN MY INTUIT.
Solved! Go to Solution.