Do I need to file Form 8962?

If any of the circumstances above apply to you, you must file an income tax return and attach Form 8962 even if you are not otherwise required to file. You must use Form 1040 or Form 1040NR. ... You do not need to file Form 8962.

Do I have to repay premium tax credit?

A tax credit you can take in advance to lower your monthly health insurance payment (or u201cpremium u201d). ... 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.

Do I have to pay back the premium tax credit?

A tax credit you can take in advance to lower your monthly health insurance payment (or u201cpremium u201d). ... 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.

Do you have to pay back the Obamacare tax credit?

The premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange. ... If you owe no tax, you can get the full amount of the credit as a refund.

What are the income limits for premium tax credit?

Income Criteria To be eligible for the premium tax credit, your household income must be at least 100 u2013 but no more than 400 u2013 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.

Will I get penalized if I overestimate my income for Obamacare?

If you overestimate your income AND you purchase your health insurance on the federal exchange (or state marketplace, depending on where you live), then you will receive all of your qualify subsidy as a tax credit when you file taxes at the end of the year.

Do you have to file Form 8962?

You must file Form 8962 with your income tax return (Form 1040 or Form 1040NR) if any of the following apply to you. APTC was paid for you or another individual in your tax family.

What is Form 8962 and when is it used?

The purpose of Form 8962 is to allow filers to calculate their Premium Tax Credit (PTC) amount and to reconcile that amount with any Advance Premium Tax Credit (APTC) payments that have been made for the filer throughout the year. Not everyone can file Form 8962 and claim the Premium Tax Credit.

Is Form 8962 included in TurboTax?

Form 8962 for tax credits If you bought your health insurance from the Marketplace, you will file Form 8962 with your tax return. ... If you choose this option, you claim your entire credit when you file your income tax return. You can use the credit to reduce your monthly insurance payments.

Who fills out form 8962?

You need to obtain a copy of the Form 1095-A from the person who enrolled the individual. 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.

Can I file Form 8962 online?

If you completed your tax return originally in TurboTax you can add this form online and should not be charged. In order to complete the 8962 you will need to start as an amending return but that return will not be filed. ... Only the Form 8962 the IRS requested is sent in, do not send the entire amended return.

Can you file Form 8962 online?

If you completed your tax return originally in TurboTax you can add this form online and should not be charged. In order to complete the 8962 you will need to start as an amending return but that return will not be filed. ... Only the Form 8962 the IRS requested is sent in, do not send the entire amended return.

Can you e file Form 8962?

Form 8962. Taxpayers use this form to claim the Premium Tax Credit. It's easy to include the form in your efile.com tax return; simply answer a few questions and the software will automatically generate and include the form in your return.

Is Form 8962 included in Turbotax?

Form 8962 for tax credits If you bought your health insurance from the Marketplace, you will file Form 8962 with your tax return. ... If you choose this option, you claim your entire credit when you file your income tax return. You can use the credit to reduce your monthly insurance payments.

What happens if you don't file Form 8962?

During the efile process, enter $1 as your income. The software will direct you to the correct form based on the information you provide. Though you may file a tax return without Form 8962, the IRS may send you a letter asking you to send them your Premium Tax Credit information.

Get IRS Instructions 8962 2017

Amily (described later) and you have had certain changes in circumstances (see the examples below), it is important that you report them to the Marketplace where you enrolled in coverage. Reporting changes in circumstances promptly will allow the Marketplace to adjust your APTC to reflect the PTC you are estimated to be able to take on your tax return. Adjusting your APTC when you re-enroll in coverage and during the year can help you avoid owing tax when you file your tax return. Changes that y.

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