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I am trying to complete 8962 AND do not know how to answer…

Customer Question
I am trying to...

I am trying to complete 8962 AND do not know how to answer line 5

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I did not get my taxes because I did not complete this form I had access health from may to December. on line one my amount is 33519, so I fall in the 250% bracket I believe and can take tax credit??

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I don't know I filed my taxes through turbo tax and don't know where to go fromhere to get them completed.

Submitted: 1 month ago.Category: Tax
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Answered in 4 minutes by:
3/11/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,020
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there

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Customer reply replied 1 month ago
Thank you
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

I'm not sure I understand your question, Can you be more specific? What, exactly, is your question?

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Customer reply replied 1 month ago
I am really confused with taxesn No thank you to the phone call
Customer reply replied 1 month ago
I am on question 5 and do not know how to find or figure out household income as a percentage of federal poverty level
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

1. Enter the amount from line 3 of Form 8962 ....................... 1. _________

...

...

2. Enter the amount from line 4 of Form 8962 ....................... 2. ___________

...

3. Multiply the amount on line 2 by 4.0 __________

...

4. Is the amount on line 1 more than the amount on line 3?

...

  • Yes. The amount on line 1 above is more than 400% of the federal poverty line. Enter 401 here and on line 5 of Form 8962.
  • No. Divide the amount on line 1 above by the amount on line 2 above.

(No, continued) Do not round; instead multiply this number by 100 (to express it as a percentage) and then drop any numbers after the decimal point. For example, for 0.9984, enter the result as 99; for 1.8565, enter the result as 185; and for 3.997, enter the result as 399*. Enter the result here and on line 5 of Form 8962 ....................... 4.__________

...

*If line 4 is below 100, your Household income below 100% of the federal poverty line, and you may qualify for Medicaid.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

You may qualify for the PTC if your household income is less than 100% of the federal poverty line and you meet all of the following requirements:

...

  • You or an individual in your tax family enrolled in a qualified health plan through a Marketplace.
  • The Marketplace estimated at the time of enrollment that your household income would be at least 100% but not more than 400% of the federal poverty line for your family size for 2017.
  • APTC was paid for the coverage for one or more months during 2017.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

If they've asked you just to complete the 8962, that will do it. You don't need to re-do the entire return

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,020
14,020 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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