What Is Form 8962 From The IRS?

Is Form 8962 included in TurboTax?

Yes – TurboTax can prepare Form 8962 – Premium Tax Credit (PTC) for you.

Enter the 1095-A form you received into your return.

TurboTax will calculate Form 8962 for you..

How long does it take for the IRS to respond to a fax?

within 2 weeksUnder normal conditions, the IRS should respond to your fax within 2 weeks from the date of sending. If you provided incomplete or missing information, this may take longer. For tax returns, you will receive your tax refund within 3 weeks of the data when IRS receives your return if you choose to do so via e-filing.

How long does it take IRS to process Form 8962?

4-8 weeksThe IRS says to allow 4-8 weeks to process a return after receiving the 1095-A and Form 8962, although I have seen them processed much quicker than that.

Is Form 8962 the same as 1095 a?

You must wait until you get an accurate 1095-A form before filing your taxes . This is because your 1095-A form has information you need to calculate your premium tax credit, which is reported on IRS form 8962. However, you’re not obligated to complete form 8962 if you didn’t get any premium tax credits during 2019.

What is the purpose of IRS Form 8962?

Use Form 8962 to: Figure the amount of your premium tax credit (PTC). Reconcile it with any advance payments of the premium tax credit (APTC).

Can I fill out Form 8962 online?

If you completed your tax return originally in TurboTax you can add this form online and should not be charged. In order to complete the 8962 you will need to start as an amending return but that return will not be filed.

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.

Who can help me fill out a 8962 form?

Turbo Tax can help you complete a Form 8962 if you have received a letter from the IRS asking for an update. Be sure to check if the letter references tax year 2017 or 2016.

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.

How long does it take for the IRS to get a fax?

If you prefer, you can fax a completed Form SS-4 to the service center for your state, and they will respond with a return fax in about one week. If you do not include a return fax number, it will take about two weeks.

How do I get Form 8962?

Form 8962 can be found on the IRS website and is free to download. 2 If you’re filing taxes using an electronic tax filing software, this form should be generated for you as you navigate through the program’s questionnaire format.

What happens if I don’t file Form 8962?

That basically means you didn’t fill out the proper form. To reconcile, you use Form 8962, Premium Tax Credit, to compare the advance payments with the amount of your credit. This can cause a problem because filing your tax return without including Form 8962 can delay your refund.