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I realize that most of us are not accountants, but I wanted to bounce this off the forum.
Have a client call who has a dental and vision plan with me. Purchased on-marketplace on his own. For 2016, his tax household was 3 including him, his wife and dependent daughter. All are enrolled in marketplace plan. The daughter was in college and worked part time. She graduated in May and now has a part time job, but works enough hours to qualify for employer sponsored coverage via the employer. To his knowledge, she has not enrolled and she is still on the marketplace plan with the parents.
The father states that he intends to claim her as a dependent for 2016, even though she will file her own federal tax return for year 2016.
Is this possible to do? His concern is that he will lose his subsidy for 2017 (which he will), which is around $750.00 per month.
Any thoughts from the forum? Thanks.
Have a client call who has a dental and vision plan with me. Purchased on-marketplace on his own. For 2016, his tax household was 3 including him, his wife and dependent daughter. All are enrolled in marketplace plan. The daughter was in college and worked part time. She graduated in May and now has a part time job, but works enough hours to qualify for employer sponsored coverage via the employer. To his knowledge, she has not enrolled and she is still on the marketplace plan with the parents.
The father states that he intends to claim her as a dependent for 2016, even though she will file her own federal tax return for year 2016.
Is this possible to do? His concern is that he will lose his subsidy for 2017 (which he will), which is around $750.00 per month.
Any thoughts from the forum? Thanks.