- Hi HPL
- We are in the home stretch now.
- If a TP’er has a large excess ACA Premium Tax Credit you can try several strategies to reduce AGI:
- The TP’er, if eligible, can choose to add money to their IRA account and the adjustment will lower AGI.
- The TP’er, if they have education expenses, can choose to not take an Ed credit but instead try the tuition adjustment to lower AGI.
- It is NOT your imagination; because of brokerage statements and K1’s our returns are getting more complicated this time of year.
- If a brokerage statement has a good subtotal of covered transactions (no wash or other adjustments) you can directly enter the amounts on sch D line 1a or 8a.
- Other subtotals will need to go on cap gains wkst with code m and check the box on sch d for 8453 if attaching documents or the box to attach a pdf if we have the time to scan the docs.