What happens if you don’t file Form 8962?
What if I file but don’t include 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 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.
Is Form 8962 required for 2020 taxes?
The IRS recently announced that, for tax year 2020, taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, to reconcile their APTC with the amount of PTC they may claim for 2020.
Do you have to file Form 8962 for 2019?
You do not need to file Form 8962. You can take the PTC for 2019 if you meet the conditions under (1) and (2) below.
Can I fill out 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. To find out more about the premium tax credit, visit IRS.gov/aca.
How does form 8962 affect tax return?
Use the information from Form 1095-A to complete Form 8962 to reconcile advance payments of the premium tax credit on your tax return. Filing your return without reconciling your advance payments will delay your refund. … This will increase your refund or lower the amount of tax you owe.
How long does it take IRS to process Form 8962?
The IRS says it can take up to 9 weeks.
How long will it take to receive refund after mailing 1095a form and 8962?
It will take about 2-3 Weeks! Unless you are under a review, it might take a few more weeks after those few weeks!
How do I get my 8962 form?
Form 8962 is available on the IRS website and is free to download. 4 If you’re filing taxes using electronic tax filing software, this form should be generated for you as you navigate through the program’s questionnaire format.
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 I have to pay back my premium tax credit in 2020?
IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit. If you have excess advance Premium Tax Credit for 2020, you are not required to report it on your 2020 tax return or file Form 8962, Premium Tax Credit. If you claim a net Premium Tax Credit for 2020, you must file Form 8962.
Who can help fill out Form 8962?
Only those who have health insurance through the Affordable Care Act health insurance Marketplace (also known as the Exchange) are eligible to use Form 8962, and not everyone who has Marketplace coverage can qualify. If you used healthcare.gov or your state’s health insurance exchange to get coverage, you may qualify.
Does a 1095-A affect my taxes?
Your credit will either increase your refund or reduce your tax bill. If you’re sure you don’t qualify for a premium tax credit, you don’t need to take the steps above. Keep your Form 1095-A with your other tax records. … This means you won’t owe the Shared Responsibility Payment on your federal income tax return.