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If you don't file Form 8962, the IRS will call this a failure to reconcile, and you could be prevented from applying for Marketplace premium tax credits in the future.
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 \u2014 it is called \u201cfailure to reconcile\u201d \u2014 you may be unable to apply for premium tax credits for the following year.
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.
TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A.
Form 8962 is a form you must file with your federal income tax return for a year if you received an advanced premium tax credit through the Marketplace during that year.
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Not everyone can file Form 8962 and claim the PTC. 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.
Rather, the taxpayer who is claiming them as a dependent will include them on their Form 8962. When the taxpayer has a shared policy, the enrollment premiums, SLCSP premiums, and APTC reported on Form 1095-A need to be allocated between the taxpayer's tax return and the tax return(s) of the other individual(s).
To delete a form in the Windows version of TurboTax: Change to forms mode by clicking on the paper icon Forms, in the upper right, in the blue. Then look for Form 8962 along the left, and click on it to display it on the right. There is a Delete Form button on the bottom that will delete the current form displayed.
Modified AGI. 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).
0:29 2:30 How to Fill Out an 8962 Tax Form? - YouTube YouTube Start of suggested clip End of suggested clip Parts start by filling out your name and social security number proceed to part one to indicate yourMoreParts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income.

8962 instructions 2019