Form 8962 is a form you must file with your federal income tax return for a year if you received an advanced premium tax credit through the Marketplace during that year.
What happens if I don’t fill out form 8962?
What if I file but don’t include Form 8962? For any year when you received advanced premium tax credits, you are required to file a federal income tax return, including Form 8962. If you fail to do this, it is called “failure to reconcile”, you may be unable to apply for premium tax credits for the following year.
Is form 8962 required for 2021 taxes?
When you file your 2021 return, you will need to include Form 8962 , which will walk you through the calculations to determine whether you received any excess premium tax credit and how much you are required to repay. See these FAQs for more information.
Is form 8962 required for 2019 taxes?
If you are claimed as a dependent on another person’s tax return, the person who claims you will file Form 8962 to take the PTC and, if necessary, repay excess APTC for your coverage. You do not need to file Form 8962 You can take the PTC for 2019 if you meet the conditions under (1) and (2) below.
Why is the IRS asking me for Form 8962?
When the health insurance marketplace pays advance payments of the premium tax credit on your behalf, you must file Form 8962 to reconcile the advance payments to the actual amount of the Premium Tax Credit that you are eligible for based on your actual household income and family size.
Can I file without form 8962?
You do not need to file Form 8962 You can take the PTC for 2021 if you meet the conditions under (1), (2), and (3) below. 1.
Why am I not getting a premium tax credit for health insurance?
To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, 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.
Who Must File 8962?
You must file Form 8962 if you obtained a marketplace health insurance plan for yourself or your family, and part, or all, of your premium was paid with subsidies at any time of the year The following types of health insurance do not qualify for the advance premium tax credit.
Is Form 8962 required for 2020 taxes?
The IRS recently announced that, for tax year 2020, taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit , to reconcile their APTC with the amount of PTC they may claim for 2020.
Can I fill out Form 8962 online?
You can electronically file Form 8962, Premium Tax Credit (PTC) , along with your federal income tax return. Filing electronically is the easiest way to file a complete and accurate tax return.
How can I avoid paying back my premium tax credit?
Avoiding Paying Back Your ACA Tax Credits Another way to avoid having to repay all or part of your premium assistance is to elect to have all or part of your premium assistance sent to you as a tax refund when you file your tax return , instead of paid in advance to your health insurer during the year.
How do I fix 8962 on TurboTax?
In TurboTax Online, to ensure there is not a partially completed form in TurboTax, please check here to delete the form from your return This will delete both the form and the entries. Please check for any Form 1095-A and also Form 8962.
Does Turbo Tax charge for form 8962?
IRS.gov shows that form 8962 is included in the available free file forms but when i complete the form TurboTax assigns a $40 fee and says i need the next filing level.
How do I get form 8962 2019?
▶ Go to www.irs.gov/Form8962 for instructions and the latest information. You cannot take the PTC if your filing status is married filing separately unless you qualify for an exception (see instructions).
Do I have to pay back the premium tax credit?
If at the end of the year you’ve taken more premium tax credit in advance than you’re due based on your final income, you’ll have to pay back the excess when you file your federal tax return If you’ve taken less than you qualify for, you’ll get the difference back.
Do I have to pay back the premium tax credit in 2021?
For the 2021 tax year, you must repay the difference between the amount of premium tax credit you received and the amount you were eligible for There are also dollar caps on the amount of repayment if your income is below 4 times the poverty level.
Can I file my taxes without my 1095a?
You can’t file your federal taxes without Form 1095-A You’ll need it to “reconcile”, find out if there’s any difference between the premium tax credit you used in 2020 and the amount you qualify for.
Is the premium tax credit waived for 2022?
For tax years 2021 and 2022, section 9661 of the American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, temporarily expanded eligibility for the premium tax credit by eliminating the requirement that a taxpayer’s household income may not be more than 400 percent of the federal poverty line.
Can I print a 8962 form?
11) To print Form 8962, select My Account at the top of the online program and print center from the drop-down list 12) On the TurboTax Print Center screen, select Print, save or preview this year’s return.
How do I reconcile my premium tax credit?
Use the information from Form 1095-A to complete Form 8962 to reconcile your advance payments of the premium tax credit with the premium tax credit you are allowed on your tax return. Filing your return without reconciling your advance credit payments will delay your refund.
Where to fax form 8962 and 1095 A?
After I print the 8962, I fax it with the 1095A and Page 2 & 3 of the IRS letter (the one that has the blanks for Taxpayer name, number, number of pages, etc) I use that as the Fax Cover page! All my clients have had the fax # 855-309-9361 associated with their letter, so that is where I fax them all.
Why is the IRS asking for 1095 A?
The Form 1095-A will tell you the dates of coverage, total amount of the monthly premiums for your insurance plan, the second lowest cost silver plan premium that you may use to determine the amount of your premium tax credit, and amounts of advance payments of the premium tax credit.
What is the modified AGI on Form 8962?
Modified AGI. For purposes of the PTC, modified AGI is the AGI on your tax return plus certain income that is not subject to tax (foreign earned income, tax-exempt interest, and the portion of social security benefits that is not taxable).
References
https://www.irs.gov/pub/irs-prior/i8962–2019.pdf
https://www.kff.org/faqs/faqs-health-insurance-marketplace-and-the-aca/i-had-a-marketplace-plan-with-premium-tax-credits-in-2020-but-my-income-changed-a-lot-during-the-year-and-im-worried-i-might-have-to-repay-the-irs-when-i-file-my-2020-return-this-year-what/
https://www.kff.org/faqs/faqs-health-insurance-marketplace-and-the-aca/what-is-form-8962/
https://www.investopedia.com/irs-form-8962-understanding-your-form-8962-4845835
