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04-29-2017 08:49 PM
I received a letter from the IRS stating that I need to complete and send form 8962 along with form 1095A. I filled as independent but am included on my parent's health insurance so I need to reconcile the PTC amounts. I am allocating 100% of the policy amount to my parents and 0 for myself. However when I get to part IV of the allocation amounts would I place one of my parents on line 30 with 100% and also include myself on line 31 with 0%. Or would I just include myself on line 30 with a 0% allocation. This is my first time filling so all of this somewhat confusing. Also would I include any amounts if needed at all on line 11 or should I leave that blank if 0% is allocated to myself?
04-30-2017 04:39 PM
Welcome to the H&R Block community.
When allocating 0% to yourself lines 11 through 23 are left blank. You must include yourself on either line 30 or 31 and your parent (the account holder on the insurance policy) on the other line.
Your 1040 page 2 will not change as the result of a 0% allocation but you must still submit it to the IRS along with Forms 1095-A and 8962.
If you have any other questions I'll be glad to help.
Senior Tax Advisor (Tampa, FL)
03-09-2018 06:40 PM
This is incorrect.
When filling out Part IV, line 30, you'd put the policy number and SSN of your parent, the allocation months that you were covered on the plan, and then YOUR allocation amounts (0) for boxes 3e-g. You do NOT list your parent's allocation in Part IV. See the example on page 18 of the instructions for Form 8962: https://www.irs.gov/pub/irs-pdf/i8962.pdf . It also states on page 18: "If you shared multiple policies during the year or must do more than one allocation for a single policy, complete lines 31 through 33 for each separate allocation, as needed.", so the lines 30-33 are for allocating for different policies, not between different policies. You only list the amounts allocated to you in Part IV. Your parents will list their allocation on their 8962.