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1095/8962

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Level 3

Iron Man----Just Lisa Now---and Itonewbie you are my hero's....does anyone have a suggestion on a situation where a  non dependent over 26 is a covered individual on a parents 1095A ? When parents took out the plan they thought the adult would be a dependent but the adult ended up with an adjusted gross between 8-9 thousand and can't be a dependent.  Market place said 1095A can't be changed but I am not sure how to report correctly?   I am not much on words but hope this gives enough description.

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Level 15
Level 15

You cant change whats happened...you can only move forward.   

The IRS will be expecting the Form 8962 on any return that has a SSN shown on the 1095A.

You can allocate 100% to the parents and 0% to the adult child.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15
Level 15

Youd report the 1095A on each return, the parents and the childs....then you can allocate however works out best....shared allocation is at the bottom of the 1095A.

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 3

I guess I maybe overthinking but if non dependent really should not have qualified for marketplace insurance what is worst case scenario of this situation?  

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Level 15
Level 15

You cant change whats happened...you can only move forward.   

The IRS will be expecting the Form 8962 on any return that has a SSN shown on the 1095A.

You can allocate 100% to the parents and 0% to the adult child.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post