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These are the questions directly from my study sheet. I don't know how else I can make them clearer. Sorry. 8 . John is a
These are the questions directly from my study sheet. I don't know how else I can make them clearer. Sorry.
8 . John is a paid tax preparer. He knows that some taxpayers may qualify for exemptions from the Shared Responsibility Payment. Which of the following is not a potential exemption? a) A large increase in expenses due to caring for an ill, disabled, or aging family member. b) The taxpayer does not have insurance for less than 4 months of the year. c) The taxpayer paid more than 10% of household income for health insurance. d) The taxpayer recently experienced the death of a close family member. 9. Dan and Dawn file as Married Filing Jointly taxpayers. They have two young children. Prior to the end of 2017, Dan received a significant pay increase due to a promotion but did not notify the Marketplace. Dan had purchased health insurance for his family starting January 1, 2017, from the Health Insurance Marketplace. He received a notice from the Marketplace indicating that his family was eligible for a Premium Tax Credit as of January 1, 2017. He elected to have advance payments paid directly to the insurance company to offset his monthly premiums. What is the likely outcome when Dan and Dawn file their 2017 federal tax return? a) There will be no effect since their family size did not change. b) There will be no effect since the Marketplace indicated that they were eligible for a specified amount of Premium Tax Credit. C) They will pay a penalty due to not notifying the Marketplace of the change in income. d) They will probably have to repay a part of the advance payments received since family income is a factor in determining the actual Premium Tax CreditStep by Step Solution
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