Why am I being asked to fill out a 8962 form?
:max_bytes(150000):strip_icc()/form89622023-834fab55d8834938aff6b97f746f693a.jpg)
Why is the IRS asking me for form 8962
When the Health Insurance Marketplace pays advance payments of the premium tax credit on your behalf, you must file Form 8962 to reconcile the advance payments to the actual amount of the Premium Tax Credit that you are eligible for based on your actual household income and family size.
What happens if I 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.
Why is Turbotax asking for form 8962
Form 8962 for tax credits
If you bought your health insurance from the Marketplace, you will file Form 8962 with your tax return. The ACA law includes a special Premium Tax Credit to help certain people pay the costs of health insurance, and Form 8962 relates to that credit.
How do I know if I need to file form 8962
Customarily, you must fill out and file Form 8962 if: You paid your health insurance premiums out of pocket, and now want to claim the premium tax credit, or. Advance premium tax credits were paid for you or a family member covered by your plan.
Cached
Will a 8962 tax credit affect my taxes
To claim a net PTC, you must file a Form 8962 and attach it to your federal income tax return for the year. Claiming a net PTC will lower the amount of tax you owe or increase your refund to the extent it is more than the amount of tax you owe.
Does TurboTax automatically fill out form 8962
TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A. You have to include Form 8962 with your tax return if: You qualified for the Premium Tax Credit in 2023. You or someone on your tax return received advance payments of the Premium Tax Credit.
Do I have to pay back advance premium tax credit
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. If you've taken less than you qualify for, you'll get the difference back.
How does form 8962 affect tax return
To claim a net PTC, you must file a Form 8962 and attach it to your federal income tax return for the year. Claiming a net PTC will lower the amount of tax you owe or increase your refund to the extent it is more than the amount of tax you owe.
Why do I have to pay back Marketplace insurance
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. If you've taken less than you qualify for, you'll get the difference back.
How to fix TurboTax form 8962
In response to the rejection of an electronically filed return that's missing the Form 8962, individuals may refile a complete return by completing and attaching Form 8962 or a written explanation of the reasons for its absence.
How does Form 8962 affect tax return
To claim a net PTC, you must file a Form 8962 and attach it to your federal income tax return for the year. Claiming a net PTC will lower the amount of tax you owe or increase your refund to the extent it is more than the amount of tax you owe.
Why do I have to pay back advance premium tax credit
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. If you've taken less than you qualify for, you'll get the difference back.
How do I avoid paying back my ACA subsidy
You can avoid having to repay your ACA subsidies by letting your health exchange know about any changes in your income or family composition during the year. This way, your subsidies can be adjusted during the year to reflect your actual income. Talk to a Tax attorney.
What is help with IRS reject code F8962-070 TurboTax
If an individual tax return should include Form 8962, Premium Tax Credit but does not, it will reject with code F8962-070: The e-File database indicates that Form 8962 or a binary attachment with description containing "ACA Explanation" must be present in the return. The IRS began using this reject in tax year 2023.
How to fix Federal Return Rejection Reject Code F8962 070
How to Fix:File form 8962. First check to see if the taxpayer has the form 1095-A. If so, use the information on form 1095-A and complete the form 8962.Attach PDF with ACA explanation. If you are sure that the 8962 is not required, then you can attach a PDF with the explanation of why the 8962 is not needed.
What does IRS reject code F8962 070 mean
If an individual tax return should include Form 8962, Premium Tax Credit but does not, it will reject with code F8962-070: The e-File database indicates that Form 8962 or a binary attachment with description containing "ACA Explanation" must be present in the return. The IRS began using this reject in tax year 2023.
Why is the IRS rejecting my return when my AGI is correct
When you enter your prior year AGI or PIN, it must match the IRS master file exactly. If your return was rejected for an AGI or PIN mismatch, it means that what you entered doesn't match their records. The IRS only requires one of these to match their records to get accepted. Most people use their prior year AGI.
How do I fix rejection code F8962 070
To resolve the reject, the taxpayer needs to give the preparer the Form 1095-A(s) they received from the Health Insurance Marketplace so that the preparer can complete Form 8962.
How do I fix the reject code f8962 070
To resolve the reject, the taxpayer needs to give the preparer the Form 1095-A(s) they received from the Health Insurance Marketplace so that the preparer can complete Form 8962.
What happens if you have a negative AGI
If the exemptions and deductions exceed the AGI, you can end up with a negative taxable income, which means to the extent it is negative you can actually add income or reduce deductions without incurring any tax.