Quick Answer: What Is Form 8962 For The IRS?

How do I get my form 8962?

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..

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 is the Form 8962 used for?

More In Forms and Instructions Use Form 8962 to: Figure the amount of your premium tax credit (PTC). Reconcile it with any advance payments of the premium tax credit (APTC).

Do you have to pay back Marketplace insurance?

The amount of the premium assistance is based on your estimated income and the amount of your health insurance premiums. This premium assistance can be worth thousands of dollars per year. … However, at higher income levels, you’ll have to pay back the entire amount you received, which could be a lot.

Does TurboTax do form 8962?

Yes – TurboTax can prepare Form 8962 – Premium Tax Credit (PTC) for you. Enter the 1095-A form you received into your return.

How do I fax Form 8962 to the IRS?

If you wish to fax your IRS form by fax, you can do so easily for free or with a paid plan by following these simple steps: … On the app, go to the Send Fax section. Enter the IRS fax number in the To field and attach the IRS form you would like to submit. Click on the Send button and wait for the confirmation email.

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 …

How long does it take IRS to process Form 8962?

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.

How does form 8962 affect tax return?

Filing a federal tax return to claim and reconcile the Credit. If you or someone in your family received advance payments of the premium tax credit through the Health Insurance Marketplace, you must complete Form 8962, Premium Tax Credit. … This will increase your refund or lower the amount of tax you owe.

Do I have to pay back 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.

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.

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.

What is the purpose of IRS Form 1095 A?

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 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.

Do I need to file Form 8962?

You must file Form 8962 to compute and take the PTC on your tax return. to take on your tax return. 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.

What is a modified AGI on Form 8962?

For purposes of the PTC, modified AGI is the AGI on your tax return plus certain income that is not subject to tax (foreign earned income, tax-exempt interest, and the portion of social security benefits that is not taxable). Use Worksheet 1-1 and Worksheet 1-2, later, to determine your modified AGI.

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 does a 1095 A affect my taxes?

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 long does it take for the IRS to get a fax?

within 2 weeksUnder normal conditions, the IRS should respond to your fax within 2 weeks from the date of sending. If you provided incomplete or missing information, this may take longer. For tax returns, you will receive your tax refund within 3 weeks of the data when IRS receives your return if you choose to do so via e-filing.