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I received a lump sum payment for 2016 disability payments…

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I received a lump...

I received a lump sum payment for 2016 disability payments from social security and current year payments in 2017. I understand how to use the lump sum election for this but my problem is that I lose my premium tax credit for 2017 due to being above the 400% limit on AGI

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

My form 8962 says I'm not eligible to get the premium tax credit and now I owe over 4800 and my agi is only 23000+

Submitted: 27 days ago.Category: Tax
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3/28/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 27 days ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 940
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 27 days ago

Dear Customer,

Please look at your adjusted AGI. The whole amount of social security is counted and not just the taxable portion.

Regards,

Fiona

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Category: Tax
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