8962 is confusing the heck out of me.

[schirallicpa]

If the Taxpayer has had significant income during the year, then they must pay back any benefit they received (reduced policy amounts) during the year.  

So I have a 1095A and have input all the info.  It looks like they owe back some money.  Total of col A is 10965.  Total of col B is 10965.  Total of col C is 6599.  

But line 5 on 8962 is greater than 400%.  So form gives me error cuz I don't qualify for credit, and tells me not to complete form.  

How do I show what they owe back without the form?  

 

 

[Abby Normal]

The error is telling you to delete the dollar amounts you entered in the columns and just enter the total APTC received.

[schirallicpa]

The amounts are not the same for the entire year so I filled out the lines for the monthly amounts.   

 

[GLJEANNE]

If I recall, when you're over the limit you don't have to go through all the monthly amounts, just the one entry for the APTC.  But it is confusing!

[schirallicpa]

soooo....I put the totals on line 11 for the annual amount.  I calculate a significant repayment - which I expect.  

But I still get the Error messages:

When Line 6 is "yes" taxpayer does not qualify for a credit. Discard any information entered on lines 11-23 in columns A thru E

and

The household income was above the Federal poverty limit.  Make no entries at Lines 11 thr 23, columns a and b.

 

 

[GLJEANNE]

Ok, I went back and found someone I did last year in that situation.  I did fill in monthly, but only for that column F.  Hopefully that will do the trick for you.

[Abby Normal]

2 hours ago, schirallicpa said:

soooo....I put the totals on line 11 for the annual amount.  I calculate a significant repayment - which I expect.  

But I still get the Error messages:

When Line 6 is "yes" taxpayer does not qualify for a credit. Discard any information entered on lines 11-23 in columns A thru E

and

The household income was above the Federal poverty limit.  Make no entries at Lines 11 thr 23, columns a and b.

 

 

And did you do what the error tells you to do ?

[Catherine]

2 hours ago, Abby Normal said:

And did you do what the error tells you to do ?

"When in danger, or in doubt, run in circles, scream, and shout!"  Is that what you mean?  At least it makes the others in your office leave you alone for a while.  

[jasdlm]

This happens to me at least once a year, and it takes me forever to figure it out.

Per 8962 Instructions:

Household income above 400% of the federal poverty line. If the amount on line 5 is 401%, you cannot take the PTC. You must generally repay all APTC paid for individuals in your tax family (but see below for two exceptions). Skip lines 7 and 8, and complete lines 9 and 10 (and Part IV and/or Part V, if applicable). Complete only column (f) of line 11 or lines 12 through 23. Enter -0- on line 24, and enter the amount from line 11, column (f), or the total of lines 12 through 23, column (f), on lines 25, 27, and 29. Enter the amount from line 29 on your Schedule 2 (Form 1040), line 2.If your household income is above 400% of the federal poverty line but you qualify for the alternative calculation for the year of marriage (see the instructions for Line 9, later), you may be able to reduce the amount of APTC you have to repay.If you enrolled an individual who is in another tax family for the year of coverage, the other tax family may be responsible to repay all or part of the APTC (see the instructions for Line 9, later).

This has worked for me in the past.  I haven't had one like this yet in 2020.

[Abby Normal]

3 hours ago, Catherine said:

"When in danger, or in doubt, run in circles, scream, and shout!"  Is that what you mean?  At least it makes the others in your office leave you alone for a while.  

Danger, Will Robinson!

[schirallicpa]

Thank you jasdlm.  Worked.