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- FORM 8962 – ALLOCATION OF POLICY AMOUNTS
FORM 8962 – ALLOCATION OF POLICY AMOUNTS
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Chris_4325
Level 2
4 weeks ago
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The taxpayers received Form 1095-A showing Monthly Advance payment of premium tax credit. There is an adult child (25 years old) on that policy and she must file her independent return.
Do I have to allocate policy amounts between the taxpayers and that child or can taxpayers/parents choose to claim 100% of the policy amounts on their return?
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3 Comments 3
abctax55
Level 15
3 weeks ago
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Allocating is allowed. You can do it in the manner that produces the best combined tax result
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Chris_4325
Level 2
3 weeks ago
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The best result would be if the taxpayers claim 100% of the total amounts and the child 0%. Would 100% to 0% be reasonable?
abctax55
Level 15
3 weeks ago
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Reasonable is irrelevant.
Yes, it's allowed
Search for @TaxGuyBill 's numerous posts on this subject
"*******Tax software is no substitute for a professional tax preparer*******
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