TaxConnections

Ask Tax Question

Should my dependents' social security income be reported on my Form 8962?

Will try to be concise.

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 A couple of days ago I received notification that my premium tax credit had been withdrawn on 1st May with no notice to me.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 I am trying to figure out why the Marketplace has withdrawn my tax credit, and so far this is the only thing that I can think of.
Dependents social security benefits Obamacare
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
John Stancil
Yes, you should have included their modified adjusted gross income (MAGI), including any social security benefits, on line 2b. Line 2a is for your MAGI, which would include any non-taxable social security that you received.
Leave a Comment 82 weeks ago

User Photo
Question Owner
Thank you!

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?
Reply 82 weeks ago


Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today