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1. Can the healthcare premium tax credit from previous year…

Customer Question
1. Can the healthcare premium...
1. Can the healthcare premium tax credit from previous year be carried forward? Income was so low in 2016 that I paid no tax so could not use credit (from form 8962) in 2016.
Also, info provided to me on form 1095a was incorrect so didn’t show I was entitled to a credit. I got corrected 1095a showing I qualified for credit in 2016. If the premium tax credit can be carried forward, do I need to resubmit form 8962 for tax year 2016 to obtain credit, then carry forward and claim the credit on 2017 return?2. I hold 2 private financing notes for properties I sold. Can I form a single member LLC and transfer private financing notes to LLC?
Interest on notes would then be LLC's income.
Could I then pay for single member’s healthcare insurance through LLC?
Also, do all profits from LLC need to be passed through to single member’s tax return yearly, or can they be allowed to remain in LLC (unrecognized) and be passed through to member’s return in later years when more tax advantageous?3. Can capital losses from investments (stocks) be used to offset capital gains from the sale of a business?4. Is income from an LLC passed through to personal tax return considered earned income, enabling me to contribute to a traditional IRA?
Submitted: 2 months ago.Category: Tax
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Answered in 4 minutes by:
12/11/2017
Tax Professional: Barbara, Enrolled Agent replied 2 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,799
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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