Taxpayers who have advance credit payments made on their behalf, are required to file Form 8962 with their income tax return. This will reconcile the amount of advance payments with the premium tax credit they may claim based on their actual household income and family size.

Where do I get a 8962 tax 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.

What happens if you don’t file Form 8962?

Failing to file Form 8962, Premium Tax Credit, to reconcile 2019 advance payments of the premium tax credit may affect return processing, and delay the taxpayer’s refund. It may also affect their ability to get advance payments of the premium tax credit or cost-sharing reductions.

What is the purpose of the 8962 tax form?

The purpose of Form 8962 is to allow filers to calculate their Premium Tax Credit (PTC) amount and to reconcile that amount with any Advance Premium Tax Credit (APTC) payments that have been made for the filer throughout the year. Not everyone can file Form 8962 and claim the Premium Tax Credit.

Do you have to file Form 8962 for advance payments?

Taxpayers who have advance credit payments made on their behalf, are required to file Form 8962 with their income tax return. This will reconcile the amount of advance payments with the premium tax credit they may claim based on their actual household income and family size.

Where do I enter my 8962 in TurboTax?

Walk through the rest of the screens to enter your 8962. When you’re finished, make sure there is an entry on the line for “excess advance premium tax credit repayment” (line 46, Form 1040, or line 29, Form 1040A) or the line for “net premium tax credit” (line 69, Form 1040, or line 45, Form 1040A). 1. Go to My Account. 2. Go to Tools. 3.