Quick Answer: Is Form 8962 The Same As 1095 A?

What is Form 1095 A used for?

If you bought health insurance through one of the Health Care Exchanges, also known as Marketplaces, you should receive a Form 1095-A which provides information about your insurance policy, your premiums (the cost you pay for insurance), any advance payment of premium tax credit and the people in your household covered ….

How do I know if I have a Form 1095 A?

If you can’t find your 1095-A, check online. If your form didn’t come by mail or you can’t find it, check your online Marketplace account. When you follow these steps, be sure to choose your 2018 application, not your 2019 application.

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 “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.

Do I need to file Form 8962?

Advance payment of the premium tax credit (APTC). If APTC was paid for you or an individual in your tax family, you must file Form 8962 to reconcile (compare) this APTC with your PTC. If the APTC is more than your PTC, you have excess APTC and you must repay the excess, subject to certain limitations.

How do I file Form 8962 on TurboTax?

Is it possible to file Form 8962 for 2019 through TurboTax Deluxe online?Click on Tax Tools.Select Print Center.Click Print, save or preview this years return.Select Form 8962 and print the form.

How long does it take to process 8962 form?

4-8 weeksThe 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.

Can I fill out 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.

Why is the IRS asking for 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 is the premium tax credit calculated?

How is the amount of the premium tax credit computed? The amount of the premium tax credit is generally equal to the premium for the second lowest cost silver plan available through the Marketplace that applies to the members of your coverage family, minus a certain percentage of your household income.

How do I know if IRS received my 8962 form?

If you had mailed it off using certified mail, then you can track it that way. If not, you can call the IRS directly (800-829-1040) to confirm if they have received it.

What happens if you don’t File 1095 A?

Reporting Your 1095-A You will need to file a tax return reporting the advance Premium Tax Credit amounts from that form (even if you are not required to file a return otherwise). … Not filing your return will cause a delay in your refund and may affect your future advance credit payments.

Can you file 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.

Who can help me fill out my 8962 form?

Turbo Tax can help you complete a Form 8962 if you have received a letter from the IRS asking for an update. … The form should have been generated when you entered your 1095-A into the Health Insurance section of Turbo Tax, but if for some reason it was not entered, these are the step-by-step instructions to add them.

Where do I file Form 1095 A on TurboTax?

How do I report a 1095-A on TurboTax appOpen (continue) your return if you don’t already have it open.In the upper right, search for 1095-A.Select the Jump to link in the search results.Answer Yes on the Did you receive Form 1095-A for your health insurance plan? screen and Continue.Complete your 1095-A info on the next screen and select Continue.

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.

What happens if I 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.

What is a 8962 tax form?

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 payments of the Premium Tax Credit (APTC) that have been made for the filer throughout the year.

How do I get my 8962 form?

Where to Get Form 8962. Form 8962 can be found on the IRS website and is free to download. 2 If you’re filing taxes using an electronic tax filing software, this form should be generated for you as you navigate through the program’s questionnaire format.