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If a large premium tax credit repayment if filing MFJ, is it possible to file MFS to allocate disproportionate incomes to lower PTC liability?

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Yes.  But just be aware that you need to allocate 50% to each spouse and the filing Separately disqualifies the Premium Tax Credit (even if their income is low enough).

But as you said, even if they disqualify for the Premium Tax Credit, the repayment limitation on the lower-income spouse MIGHT result in a better overall outcome.