Tips for preparing returns with Form 1095-A and PTC
If a taxpayer brings in Form 1095-A and there is no Advance Premium Tax Credit then we need to look up the SLCSP (Second Lowest Cost Silver Plan) premium to see if they qualify. When a taxpayer pays full price for their insurance the Form 1095-A comes with 0.00 in column B. That is not correct. This number (SLCSP) needs to be looked up and entered into the software for column B in order to properly calculate the Premium Tax Credit.
The Marketplace only puts numbers in Column B when there is Advance PTC it will be up to us to look up SLCSP for all others.
“If you paid full price and want to see if you qualify for a premium tax credit based on your final 2015 income
Use the Health Coverage Tax Tool to find the premium for the second lowest cost Silver plan (SLCSP) that applied to you for 2015. (If you paid full price, this information will be missing from your 1095-A.)
Use this figure to fill out Form 8962, Premium Tax Credit (PDF). When you’re done, you’ll find out if you qualify for a premium tax credit based on your final 2015 income.
If you qualify for a premium tax credit, you must complete Form 8962 and attach it to your federal income tax return.”
If a taxpayer brings in Form 1095-A and they have utilized the Advance Premium Tax Credit all we have to do is input that information into our software and our software should calculate correctly.