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Premium Tax Credit Dependency Question

Forum|Forum|4 years ago
March 25, 2022
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So my parents told me to list myself as a dependent of them on my ACA Marketplace application and enter their income since none of us knew I was eligible for Medicaid at the time. I did so and got a Marketplace plan for the year, and fast forward to now and I'm filing taxes for some minor babysitting income. I'm 25 with low enough income that I think they could claim me as a dependent since I also live with them, but neither them nor myself plan on claiming me as a dependent on our taxes this year. If I'm filing my own taxes this year not as a dependent of them, do I qualify for the premium tax credit? My dad is listed as the recipient in box 5 on the 1095 form I received this year, but I'm the only one actually covered by the plan (my parents get insurance elsewhere). Would I have to do anything extra on my filing? Is it determined by who paid for it? If I'm not supposed to get it, then how would I go about filling out my taxes to ensure I don't? Thanks in advance for any advice. This is all very confusing!

Best answer by RaifH

Yes, you may qualify for the premium tax credit. If you are the only covered individual listed on the plan, then you want to include it on your tax return. Your parents do not need to include it on theirs. That means that only your income will be used to calculate how much premium tax credit you are allowed to take and reconcile that with how much was actually taken.

However, you cannot take any premium tax credit for the months you were covered by Medicaid. In spite of what is listed on Form 1095-A, you will want to enter the SLCSP Premium in column B as 0 for any month you had Medicaid. Report the other two columns as reported on Form 1095-A. This ensures that you do not receive any premium tax credit for the months you were covered by Medicaid.

R

RaifHAnswer

Yes, you may qualify for the premium tax credit. If you are the only covered individual listed on the plan, then you want to include it on your tax return. Your parents do not need to include it on theirs. That means that only your income will be used to calculate how much premium tax credit you are allowed to take and reconcile that with how much was actually taken.

However, you cannot take any premium tax credit for the months you were covered by Medicaid. In spite of what is listed on Form 1095-A, you will want to enter the SLCSP Premium in column B as 0 for any month you had Medicaid. Report the other two columns as reported on Form 1095-A. This ensures that you do not receive any premium tax credit for the months you were covered by Medicaid.