ACA, ARPA CF

[kstein]

lets pretend the following:

client takes unsubsizided plan at $1500/mo 1/1/21 b/c income is 90k.
ARPA comes along and gives this person a subsidy. client calls me and I rerun same plan and he pays $200/mo 5/1 - 12/31.

Shouldn't he get $5200 back ($1300*4 mo)?
What bearing does the SLCSP have in relation to the above.....if the SLCSP was 1800/mo or 2200/mo would that affect the amt of subsidy received back by the client?

I had a similar call a sec ago where the client was only getting $500/mo back and his income ended up being $80,000 vs the $90,000 and we couldn't figure out the math on the tax forms he had.

 

[LostDollar]

What bearing does the SLCSP have in relation to the above.....if the SLCSP was 1800/mo or 2200/mo would that affect the amt of subsidy received back by the client?

Caveat not an agent.

I believe so. When I do my taxes, I have to go here:
Health coverage tax tool | HealthCare.gov
to get SLCSP info to plug into H&R Block tax program for form 8962.

From there I take the results Block gives me after I enter the 1095 information and the SLCSP data.

 

[Yagents]

Whats missing on the 1095A form is column B has $0 (slcsp) in the Jan thru April fields. When filling out 8962, put in the same number shown in column B for may thru dec. It will then generate a refund.

 

[LostDollar]

Whats missing on the 1095A form is column B has $0 (slcsp) in the Jan thru April fields. When filling out 8962, put in the same number shown in column B for may thru dec. It will then generate a refund.

In 3-4 years, I don't believe we have ever gotten a 1095a with any information in column B.

 

[Yagents]

If u don't get tax credits for the month, its blank for those months. But I've seen many errors

 

[LostDollar]

If u don't get tax credits for the month, its blank for those months. But I've seen many errors

Thanks for the comment. I guess I should have thought of that. That explains why it is not there on our form and I have to look it up each year.

We don't take the credits in advance. We wait until year end and I just throw income, and IRA and HSA possibilities, at the tax program and see what it says about the credit amount, if any, we can get refunded.