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Search Results: 3849

 

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CA Premium Assistance Subsidy repayment

[Source: Message Board • 06/11/2021] | By: Tamara Figlar
...Is it correct for Form 3849 to include an amount on line 11d, Annual federal PTC amount, if there was NOT a federal PTC or advanced PTC amounts? There is not a Form 8962 generating in the return because income is below 100% of federal poverty amount, so they are not entitled to a credit.  The California Form 3849 is including the amount calculated on Worksheet 4 and 5 in the instructions. By including the amount of federal PTC, which was not received, is requiring a repayment of the entir...

CA marketplace-how does IRS forgiveness of Excess PTC affect CA overpymt PAS

[Source: Message Board • 05/26/2021] | By: Anonymous
...put those numbers on the 3849 it comes out that they get a REFUND of $10,000. I understand that if they had actually paid the IRS the $14,000, the $10,000 refund would makes sense but this does not make sense to me. Basically they paid a small premium and CA is giving them $10,000. Does CA have any guidance on how to handle this situation. ---IRS forgives the overpayment and CA doesn't take that into consideration when calculating the amounts? ...

California 3849 Premium Assistance Subsidy Calculates HUGE refund TP paid $2/mo

[Source: Message Board • 05/22/2021] | By: Anonymous
...ubsidy. California Form 3849 is calculating a $19,008 refund due to the client.  AGI is $88,612 and household size is 2.  So, California is indicating the borrower should have a monthly contribution amount of $1217.  11A shows $24,879, 11b shows $33,612, 11c shows $14,604, 11d shows zero, 11e shows $19,008, 11f shows $19,008. It seems that ordinarily, the IRS would have required repayment in full since the borrower's income exceeded 400% of the federal poverty line.  But, d...

Who are "dependents" for FTB 3849

[Source: Message Board • 05/06/2021] | By: Doug Thorburn
...ce Subsidy (PAS) on Form 3849? If we include the kids' income, the parents get no PAS. If we do NOT include the kids' income, they get a $13,000 PAS. If we include the lower income kid only, their PAS is $10,000. This is without allocating any of the premiums to the kids. We have spent two hours going through the fed and state instructions and pubs and, as you can see, got nowhere. The instructions and pubs are byzantine. PASs are a PIA. ...
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California’s health insurance subsidies

[Source: California Taxletter • 05/01/2021] | By: Sandy Weiner, J.D.
...st check the box on Form 3849, Premium Assistance Subsidy, line 28, in this situation. Are California subsidies affected if there are no federal repayments? This is a huge issue this year, especially for those taxpayers who received substantial amounts of unemployment insurance, which frequently exceeded their projected income on which the advanced Premium Tax Credits were based. Rather than having to pay back the thousands of dollars of advance Premium Tax Credits they received, the ARPA is e...

1095-a and CA 3849

[Source: Message Board • 04/27/2021] | By: Anonymous
...I use Pro Systems.  I input the 1095-a which has Part III  - col a - $15,483, col b - $14,734 and col c - $13,584.  The federal return calculates correctly and shows that they do not owe back the PTC (even though they are over the threshold for the federal poverty line). I then input form 3895 and check the box in the software that this is indeed form 3895.  The 3895 is exactly the same as the 1095-a except there are zero monthly advance payments (col c).  By doing this...

Form 8962 (Fed - premium tax credit) and Form 3849 (CA-Premium Assistance Sub)

[Source: Message Board • 04/23/2021] | By: Anonymous
...oes anybody know if Form 3849 will be revised because taxpayers do not have to pay back the advance premium tax credit to Federal? I have a situation where taxpayers are supposed to pay back $15,686 to Federal and receive a refund of $13,333 from California for the premium assistance subsidy. Because of the change in the American Rescue Plan Act, they no longer have to pay back the $15,686. However, CA tax return still shows $13,333 of refund. That does not look right to me because they did not ...

Premium Assistance Repayment and CA Form 3849

[Source: Message Board • 04/23/2021] | By: Anonymous
...t calculation on CA Form 3849, line 11, column D? ...

CA Form 3895

[Source: Message Board • 04/20/2021] | By: Marti Napier
...believe is a big CA Form 3849 error on Lacerte software. My 2 hour telephone call on April 13 was ignored by low level staff and not referred to programing errors. Since the elimination of the Federal repayment of excess advance payment of the premium tax credit, Lacerte enters on CA Form 3849, line 11, col (d) -0- thereby generating an $8k refund when the federal AGI is $110k and the CA AGI is $90k. The federal Form 8962 clearly answers line 6 YES which should have created the repayment of the ...

Refund on form 3849

[Source: Message Board • 04/18/2021] | By: Anonymous
...d to repay $17o per form 3849.  I get this. After applying the American Rescue Act Provisions, my client has zero repayment per form 8962 and has a CA refund of $16,690 calculated on form 3849. The monthly premium was $2,468 and the federal advance payment of PTC was $1,974 and CA was $30.  They had to pay $464 per month. It doesn't seem correct they would receive more than they paid out of pocket as a refund.  I use Lacerte and I have no diagnostics for this.  Column D on...

Federal Excess Advance Premium Tax Credit Repayment and California Form 3849

[Source: Message Board • 04/16/2021] | By: Carolyn Pak
...pare the California Form 3849, the taxpayer ends up with a $20,000 refund due to the fact that he did not qualify for the Federal Advance Premium tax credit, because it was considered paid back for California purpose. Is this correct? It seems he would end up with a $45,000 windfall for underestimating his income when he applied for Covered California! ...

No Fed repayment and California Subsidy?

[Source: Message Board • 04/08/2021] | By: Anonymous
...ount was waived? CA Form 3849 shows column D as zero annual Federal PTC amount. ...

not sure if I completed form 3849 correctly, T/P receiving a refund from it

[Source: Message Board • 03/09/2021] | By: Anonymous
...rrect.  New form CA 3849 - creates a refund of $2553.  I feel I went wrong somewhere with all their columns and pages of instructions! Anyone having problems or solutions for this form? ...

Reduce health insurance deduction for CA subsidy?

[Source: Message Board • 02/28/2021] | By: Michael Lynch
...ed as calculated on Form 3849. Shouldn't it be? ...

Form 8962/3849 Premium Tax Credit

[Source: Message Board • 02/22/2021] | By: Michael Allison
...side and line 27 of Form 3849 shows an excess advance payment of $8,670 with the repayment being limited to $1,300 at her income level!  Obviously, this seems too good to be true for her to receive almost $10,000 of refund when she didn't even pay that amount in premiums, but I see no indication in the instructions for either the 8962 or 3849 that it should be handled any other way.  Wondering if anyone else has had a similar situation.   ...

Form 3849 refunding federal premium tax credit

[Source: Message Board • 02/15/2021] | By: Jamie Walling
...I is much lower and form 3849 shows a refund of $10,352 even though is CA monthly advance payment of premium assistance subsidy (form 3895) is only $290.52. I don't recall hearing anything about CA refund the repayment of the federal credit. I use Lacerte - do you think perhaps the forms just aren't correct or did I miss something in Spidell classes? ...

Form 3849 subsidy income qualifications

[Source: Message Board • 02/12/2021] | By: Teresa Rodney
...I'm confused and hoping someone can explain this in layman's terms to me as the instructions to the form are not making sense to me.  I have a MFJ couple that received CA subsidies on Form 3895.  Their MAGI is $24,994.  Following the form instructions, they must pay back all of their subsidies.  However, if their income was HIGHER or LOWER, they would qualify for subsidies.  I am not understanding the logic that I need to explain to my clients why their income makes them...
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Reconciling health care subsidies on the California return

[Source: California Taxletter • 02/01/2021] | By: Sandy Weiner, J.D.
... thresholds. New Form 3849 The FTB has created a new Form 3849, Premium Assistance Subsidy, to report these reconciliations with the California return. The form basically mirrors the federal Form 8962, Premium Tax Credit (PTC). Too much or too little? If the amount of the year's allowable subsidies exceeds the amount advanced, the responsible individual will receive a "premium assistance subsidy reconciliation refund" from the FTB (less any taxes, fees, and penalties owed by the part...
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Podcast: California health care subsidies: penalties and reconciliation

[Source: California Taxletter • 01/24/2021] | By: Kathryn Zdan, EA
...is completed on Form FTB 3849, Premium Assistance Subsidy. If the amount of the year's allowable subsidies exceeds the amount they received, the responsible individual will receive from the FTB a "premium assistance subsidy reconciliation refund" (less any taxes, fees, and penalties collected by the FTB). But, if the advanced subsidies exceed the amount the participant was actually entitled to, then the participant has to pay the liability, up to a limit, along with their California tax re...
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¶22-807 Subsidy reconciliation

[Source: Analysis and Explanation of California Taxes • 01/01/2021] | By: Spidell
... is computed on FTB Form 3849, Premium Assistance Subsidy. The reconciled amount must be reported on the responsible individual's tax return for the covered year. (Gov't. Code §100810) Individuals who must reconcile the amounts received verses the amount they were actually entitled to must file a return even if the individual is below the filing thresholds. If the amount of the year's allowable subsidies exceeds the amount advanced, the responsible individual will receive a "premium a...