If you are getting health insurance through the Marketplace and qualify for Premium Tax Credits (PTC), you must file Form 8962 with your tax return—whether you receive an Advance PTC or claim a PTC at year-end.
Do I have to file a Form 8962?
You must file Form 8962 to compute and take the PTC on your tax return. Advance payment of the premium tax credit (APTC). APTC is a payment during the year to your insurance provider that pays for part or all of the premiums for a qualified health plan covering you or an individual in your tax family.
What happens if you don’t file 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.
Why would the IRS ask 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 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. To find out more about the premium tax credit, visit IRS.gov/aca.
How does form 8962 affect tax return?
Use the information from Form 1095-A to complete Form 8962 to reconcile advance payments of the premium tax credit on your tax return. … This will increase your refund or lower the amount of tax you owe. For tax years other than 2020, you must file if: You are claiming the premium tax credit.
Is form 8962 the same as 1095-a?
Form 8962 is used along with Form 1095-A, which your local health marketplace should send you. Form 8962 to reconcile the difference between the amount of advanced premium tax credit you received and the amount of premium tax credit you’re eligible to receive—and determines whether or not you owe money to the IRS.
What happens if I don’t report my 1095-A?
Reporting Your 1095-A
Not filing your return will cause a delay in your refund and may affect your future advance credit payments. … If you have not received your 1095-A, the IRS recommends that you wait until you receive the form before preparing and filing your 2020 Tax Return.
How do I file form 8962 on Turbotax?
Answer the questions about your health coverage. When you return to the Your 2020 Deductions & Credits screen, select File (top left of screen) and choose Print. Select Specific Forms. Select the checkbox for Form 8962 and print it.
What do I do if I received an IRS letter about a missing 8962?
If your Letter 12C indicates that Form 8962, Premium Tax Credit was missing and not attached to your return, you will need to send the completed Form 8962 to the IRS. You do NOT need to amend your return, so there is no need to submit Form 1040-X, Amended Return.
How long does it take to get refund after faxing form 8962?
The IRS says to allow 4-8 weeks to process a return after receiving the 1095-A and Form 8962, although I have seen them processed much quicker than that.
Do I have to pay back my premium tax credit?
A tax credit you can take in advance to lower your monthly health insurance payment (or “premium”). … 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.
How does form 1095 A affect my taxes?
Basic Information about Form 1095-A
You will use the information from the Form 1095-A to calculate the amount of your premium tax credit. You will also use this form to reconcile advance payments of the premium tax credit made on your behalf with the premium tax credit you are claiming on your tax return.
How do I fill out Form 8962 as a dependent?
You must file Form 1040, Form 1040A, or Form 1040NR. If you are claimed as a dependent, 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. CAUTION.
Is Form 8962 required for 2019 taxes?
I filed my 2019 federal income tax return but didn’t realize I needed to include Form 8962. … The law requires you to file a tax return at year end and reconcile your estimated income with your actual income. If you had under-estimated your 2019 income, you might have repay some of the 2019 APTC that you received.