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- ACA and mid-year graduation
ACA and mid-year graduation
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Anna123
Level 1
3 weeks ago
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Does form 8962 need to include a graduating students income earned after June if they were only on the parents ACA plan January through May (exit the plan to move to jobs plan)?
3 Comments 3
TaxGuyBill
Level 15
3 weeks ago
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If the former student is a dependent and their income was high enough to have "taxable income", yes, the income is added to the parents' 8962.
As a side note, make sure the SLCSP is correct (it should have changed mid-year when the kid became eligible for employer insurance).
Anna123
Level 1
2 weeks ago
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Thank you. To avoid having to add the students income could the student not be included on taxes that year as a dependent? The form asks for household size, which they would no longer be a part of yet they will have been part of it the first half of the year while on the ACA.
TaxGuyBill
Level 15
2 weeks ago
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Unless the child had expected to be a non-dependent and something unexpectedly changed so that they qualify as a dependent, the parents are responsible for the reconciliation of the Premium Tax Credit.
Just in case ... have you double-checked that the child is eligible to be claimed as a dependent?
As a side note, while adding the student's income lowers the credit, having the additional member to the family size is a good thing (it increases the credit).
