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

@quil635 wrote:i got a letter from the irs wanting a 1095-A and a completed 8962 form . I have the 1095-a form now and need the 8962 form completed so I can copy and mail to the irsNOTE: Before doing anything, you may wish to save a backup copy of the original PDF and tax data file of your return as originally filed, just in case something gets messed up in your online return. Remember all PDF tax documents and tax data files are very sensitive files, since they contain your personal ID info, financial data, and possibly bank account numbers, etc. Be sure to store them safely and securely to guard against computer theft, hacking, etc. Did you get an 0012C letter from the IRS concerning an already-filed return? Is it for 2018?If it's for 2018, here's what to do about completing the Form 8962 in an already-filed return: it uses the amend process to prepare the 8962, you do not send the Form 1040X (amended reutrn) to the IRS. Only mail/FAX what the IRS asked for and what is mentioned in that FAQ above. If sending by mail, it's a good idea to use a method that has tracking, such as certified return receipt, priority mail, etc.

Form 1040 Returns with Limited CreditsA Form 1040 return with limited credits is one that's filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible.If you have a Form 1040 return and are claiming limited credits only, you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Full Service at the listed price.Situations covered (assuming no added tax complexity):W-2 incomeInterest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule BIRS standard deductionEarned Income Tax Credit (EITC)Child Tax Credit (CTC)Student loan interest deductionSituations not covered:Itemized deductions claimed on Schedule AUnemployment income reported on a 1099-GBusiness or 1099-NEC incomeStock sales (including crypto investments)Rental property incomeCredits, deductions and income reported on other forms or schedules (~37% of taxpayers qualify. Form 1040 and limited credits only.)Premium: Starting at $89 for federal, $39 per stateLive Assisted Basic: Starting at $39 for federal, $39 per stateLive Assisted Premium: Starting at $169 for federal, $49 per stateLive Full Service: Starting at $89 for federal, $49 per state; price varies based on your tax situation (Price includes W-2 and 1040)Free File: $0 for federal, $0 per stateDeluxe Online: Starting at $30 for federal, $30 per statePremium Online: Starting at $50 for federal, $30 per stateSelf-Employed Online: Starting at $75 for federal, $30 per state File with a pro: Starting at $89, plus an additional fee per stateKey featuresTaxAct offers real-time Refund Status to track how much your refund is TaxAct Alerts reveal audit risk or missed chances to save Maximum refund guaranteeAn active online forum where you can ask community questions Free IRS audit support Maximum refund guarantee Drag-and-drop last year's returns and import returns from competitors W-2 importing via photo Maximum refund guaranteeMobile appNoYes Yes SupportChat for Xpert Assist usersPhone Screen sharing for Xpert Assist usersChat Phone Screen Sharing Chat Phone Screen sharing In-person Editor's note Tax software platforms update their pricing often, especially in the months leading up to the tax filing deadline, and you might see different prices than we have listed here, depending on when you