Should my dependents' social security income be reported on my Form 8962?
I am enrolled in a health plan through the Health Insurance Marketplace. A couple of days ago I received notification that my premium tax credit had been withdrawn on 1st May with no notice to me. I called the Marketplace and asked why this happened, and while they couldn't give specifics they said perhaps the tax return I had filed earlier this year (for 2014) did not match the information I gave when I signed up for the health plan.
I went back over my taxes and noticed on the 8962 that only my income was stated, not that of my dependents. Currently our sole income for all three of us (myself and two minor children) is approximately $8,880 each in Social Security Survivor Benefits. My question is - should the social security income of my minor children have been reported on my 8962? I am trying to figure out why the Marketplace has withdrawn my tax credit, and so far this is the only thing that I can think of.
Tax Professional Answers
What tripped me up is that the 8962 instructions state to only include dependents' income if from people required to file. I had thought neither of my children were required to file their own return, but it seems that since their unearned income is over $1,000 then they *are* required to file. Is this correct?
Tax Questions By Topic:
Meet Leading Tax Advisors
Lakeland, Florida, USA
New York, New York, USA
Federal Tax Credits & Incentives Practice Leader
Denver, Colorado, USA
Fullerton, California, USA
Topanga, California, USA
Rancho Santa Fe, California, USA
CEO/Certified Financial Advisor
Tyrone , Pennsylvania, USA
Greenville, South Carolina, USA
Longview, Washington, USA
Tax Consultant/Tax Advisor
Santa Clara, California, USA
Tax Principal - President
Chattanooga, Tennessee, USA
Stellenbosch, South Africa
Exchange Control & Master Tax Practitioner (SA)
Boston, Massachusetts, USA
Tax Partner, International Tax
Senior Tax Manager
Toronto Mississauga Oakville Burlington Hamilton, Canada