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Son signed up with the ACA Marketplace for 2017,expecting to…

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Son signed up with the ACA Marketplace for 2017,expecting to work. Did not work. I guess he needs to file his return. When I do it. he owes all the credit back when I check that he can be claimed as a dependent. i did not claim him. does this make a difference in how i answer whether or not he can be claimed as a dependent. technically he is a qualified relative

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

My taxable income was $39,000. agi. 52,500. retired.

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3/20/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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In brief, in order top qualify for the credit, you cannot be claimed as a dependent. SEE BELOW:

You are eligible for the premium tax credit if you meet all of the following requirements. You:

  • Have household income that falls within a certain range.
  • Do not file a tax return using the filing status of Married Filing Separately
    • There is an exception to this rule that allows certain victims of domestic abuse and spousal abandonment to claim the credit using Married Filing Separately; for more information, see the Premium Tax Credit questions and answers.
  • Cannot be claimed as a dependent by another person.
  • Meet these additional requirements: In the same month, you or a family member:
    • Have health insurance coverage through a Health Insurance Marketplace.
    • Are not able to get affordable coverage through an eligible employer-sponsored plan that provides minimum value.
    • Are not eligible for coverage through a government program, like Medicaid, Medicare, CHIP or TRICARE.
    • Pay the share of premiums not covered by advance credit payments.

REFERENCE SOURCE:

https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics-0

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Customer reply replied 3 months ago
there's no way to put him on my return. that is he has to file his own return. what if he tells them he is a dependent.
and has no income but his parent has income around $55,-60,000.

Providing that he meets the qualifications to be claimed as a dependent, you can claim him, however, he will not qualify for the PTC. If he files a return and indicates that he is a dependent, he will not qualify for the credit.

Tax.appeal.168
Tax.appeal.168, Tax Accountant
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