Transcript 31a TaxWise and ACA - Aarp-tax-aide

TaxWise and ACA
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1. Full-Year Coverage for Entire
Household
● Check box on 1040 Ln 61
No further action required for ACA
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2. Otherwise… If
● Any member of taxpayer’s household
has MEC for less than entire year -OR● Insurance was purchased through the
Marketplace -OR● Exemptions are applicable
Select 1040 Wkt8 – Key to ACA
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Determine SRP
● Check [Full] or months without MEC
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SRP Calculated on Wtk8
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SRP Transferred to 1040 Ln 61
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● Taxpayer purchased insurance through
Marketplace beginning in March for a
possible exemption in Jan and Feb
When Exm is checked, Form 8965 is loaded into the tree
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Complete Form 8965 for Exemption
for Jan and Feb
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4. Eligible for Premium Tax Credit?
When Mkt is checked, Form 8962 is loaded into the tree
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PTC Calculated from 2014 Return
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Marketplace sends Form 1095-A
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Enter Information from Form 1095A on Form 8962
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Calculated PTC Less Than Advance
PTC
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Repayment of Excess Advance PTC –
1040 Ln 46
Form 8962 Part 3
1040 Pg 2
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If Net PTC – 1040 Ln 69
Form 8962 Part 3
1040 Pg 2
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TaxWise and ACA
Questions?
Comments…
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