Irs form 8962 premium tax credit

The IRS Form 8962, Premium Tax Credit is not a form that is completed by the user of the software. The TurboTax program will automatically generate the 8962 but only after the user has entered the Form 1095-A that they received for Marketplace Insurance in the Health Insurance section of the program. If a Form 1095-A was not entered then a Form 8962 will not be included with the tax return.If you received a notice from the IRS concerning a Form 8962 follow this procedure -Sign into your account with the same login you used when you filed your 2018 return.When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. See ScreenshotThis will take you back to the 2018 online tax return.Select the Federal tabSelect the Health Insurance tab.Answer the questions about your health insurance which includes entering your 1095-A.Select Tax Tools (found on the left panel), then select Print Center below it.Choose Print, save, or preview this year’s return.Select View or print.Select Form 8962 and Form 1040 and print them.Send the following to the IRS address or FAX number given in your IRS letter:Form 8962, Premium Tax CreditCopy of your Form 1095-A, Health Insurance Marketplace StatementA copy of the IRS letter that you received.Only if the refund or owed amount has changed: Also include your Form 1040

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Marketplace www.healthcare.gov or your state’s healthcare marketplace.Once you enroll in a healthcare plan, you will automatically be told if you are eligible for the PTC based on the information you provide. Then, you can decide how you’ll use the credit:You can decide to use some or all of the tax credit as an advance credit payment to help lower your monthly premium bill;Or you can receive the tax credit as a tax refundNo matter what choice you make, you’ll need to file IRS Tax Form 8962 at tax time. The form will determine your premium tax credit eligibility and reconcile any advance credit payments you’ve already received.Bottom line: Why the premium tax credit mattersThe premium tax credit helps make health insurance purchased from your state or federal marketplace more affordable. For families and individuals, the PTC can provide immediate relief by using an advanced amount to lower your monthly premium or can receive the amount as a refund at tax time.While the PTC was traditionally designed to help folks with incomes at or below the federal poverty level, temporary expansions have allowed those with incomes above the poverty line to be eligible.President-elect Donald Trump made several comments during his campaign casting doubt about the future of the ACA, also known as Obamacare. The enhanced ACA passed under the Biden administration, cut premiums nearly in half and expanded eligibility of the premium tax credit.Those provisions are set to expire at the end of 2025 unless Congress acts. So, millions of people are at risk of losing access to affordable healthcare.All eyes will be on the newly elected Congress in the coming year to see how they manage the future of the Affordable Care Act program and the premium tax credit.Related ContentNew 2025 Child Tax Credit Announced: How Much Is It?Earned Income