Health Care

Health Care

How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.

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Pioneer
Posts: 2
Registered: ‎03-08-2017

Help 8962 Allocation

Hi,

 

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?

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Tax Pro
Posts: 5,348
Registered: ‎02-23-2016

Re: Help 8962 Allocation

Hi cicicurtis,

 

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.

 

Louis,

Senior Tax Advisor (Tampa, FL)