Calculate the required contribution (household income X applicable percentage) Find the Second Lowest Cost Silver Plan (SLCSP) on the exchange. Subtract the required contribution from the SLCSP. Compare the difference to the premiums for the health plan actually enrolled in.

How do I get my Slcsp percentage?

In most cases, you’ll find your SLCSP premium on Form 1095-A. The Marketplace sends Form 1095-A to you early in the year after someone in your household had a Marketplace health plan. You can also use our tax tool to get your SLCSP.

What does it mean to allocate policy amounts with another taxpayer?

When the taxpayer has a shared policy, the enrollment premiums, SLCSP premiums, and APTC reported on Form 1095-A need to be allocated between the taxpayer’s tax return and the tax return(s) of the other individual(s). This is known as a Shared Policy Allocation.

What is the Slcsp premium for 2020?

Table 2 shows average HealthCare.gov state SLCSP EHB premiums (benchmark plan premiums) for a 27 year- old decreased 4% from PY19 to PY20, compared to a 1% decrease from PY18 to PY19.

What is the second lowest cost silver plan for 2020?

The Benchmark Plan is the Second Lowest Cost Silver Plan available to the family through the state’s health benefit exchange.

Is the premium tax credit based on household income?

To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line.

How are percentages allocated for slcsp on tax return?

You can indicate that you shared the policy and prorate. See the screen shots below. The pro-rations must add up to 100%. You can also click on the blue link. What percentage of the following policy amounts do you want to claim on your tax return?

Where do I Find my slcsp Premium form?

In most cases, you’ll find your SLCSP premium on Form 1095-A. The Marketplace sends Form 1095-A to you early in the year after someone in your household had a Marketplace health plan. You can also use our tax tool to get your SLCSP.

How is shared policy allocated on Form 8962?

Form 8962 and Shared Policy Allocation In the case where your client does have a shared policy, the three amounts reported on Form1095-A (enrollment premiums, SLCSP premiums, and APTC) must be allocated between their tax return and the tax return of the other individual (s) for each month they had the policy.

How is shared policy allocation reported on tax return?

This shared policy allocation would then be reported by each taxpayer on their respective tax returns.