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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Y husband and I adjusted gross income , however, I

Customer Question

y husband and I adjusted gross income for 2014, however, I received PTC for affordable health care do we qualify for exemption on filin due to the filing theshold
Submitted: 6 months ago.
Category: Tax
Customer: replied 6 months ago.
he is over 65 and 100 percent disabled, I am 64
Customer: replied 6 months ago.
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Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. Exemption and PTC are two separate things. If you had insurance through the market place you will have to file a return what your income was. And the reason for it is the credit. The credit has to be reconciled.
Customer: replied 6 months ago.
The Health care gave me a figure based on our income social security, now it seems the tax credit is based on the "experts" that cam up with this AHC and the credit is now calculated on MODIFIED Adjusted Gross income . Big difference owe back the max I figured it out! that is so wrong had I not had insurance my PENALTY would have bee $200, now I must pay $2,500. My spouse has been terminal I provide 24/7 care how can we pay this? I took what was given to me the amount by
Expert:  emc011075 replied 6 months ago.
I know there have been lots of confusion about the credit and how to calculate the eligibility. The credit is calculated using Modified AGI. The repayment of the credit is limited by the income but you cannot choose to pay penalty and not reconcile the credit. Those are two separate thing. It is possible to have penalty and credit repayment at the same time for instance if you only had insurance for 7 month you would be penalized for not having insurance for 5 months as well as having to repay the credit. Anyway, there's really not easy way out of it. If you don't file within 6 month you will get letter from IRS to submit 8962 -APTC form.

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