FAQ

How to fill out tax form 8962

Who can help fill out Form 8962?

Turbo Tax can help you complete a Form 8962 if you have received a letter from the IRS asking for an update. Be sure to check if the letter references tax year 2017 or 2016.

Can you 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.

Do I need to file Form 8962?

You only need to complete Form 8962 if you received advance payments of premium tax credits for health insurance premiums paid. Receiving too much in advanced premium tax credits could result in you owing money to the IRS when you file your tax return.26 мая 2020 г.

Is Form 8962 the same as 1095 a?

You must wait until you get an accurate 1095-A form before filing your taxes . This is because your 1095-A form has information you need to calculate your premium tax credit, which is reported on IRS form 8962. However, you’re not obligated to complete form 8962 if you didn’t get any premium tax credits during 2019.

What happens if I don’t file Form 8962?

A few things may happen: (1) The IRS can adjust your return based on that missing information, and if they determine taxes should have been due, they will asses penalties and interest on that amount, (2) They can reject your return for incomplete information, or (3) They will hold your refund and request you send in …

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How do I file Form 8962 on Turbotax?

Can turbo tax complete a form 8962 for me?

  1. Click on Deductions & Credits under Federal.
  2. Under the menu for Medical, click Start/Revisit next to Affordable Care Act (Form 1095-A)
  3. Answer Yes indicating that you have the form to enter.
  4. Complete the information on the next screen to match your form and click continue.

How long does it take to process 8962 form?

4-8 weeks

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 can I avoid paying back my premium tax credit?

The easiest way to avoid having to repay a credit is to update the marketplace when you have any life changes. Life changes influence your estimated household income, your family size, and your credit amount. So, the sooner you can update the marketplace, the better. This ensures you receive the correct amount.

Do you have to pay back Marketplace insurance?

If you earned more than you estimated, and you got a subsidy for your health insurance, you may have to pay back some of the subsidy. The maximum amount of payback is tied to your actual income.

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