Use Form #8962 Premium Tax Credit to reconcile the APTC Advance Premium Tax Credit, subsidy with your IRS # 1040. If you got too high a subsidy or too low, it gets finalized at tax time. If your subsidies were too high you may have to pay penalties. See form 2210 and the instructions for more details.
Form #8962 Premium Tax Credit (calculation)
but first you need the Proof of Coverage Form 1095 A from Covered CA
and B if applicable – like if you had Covered CA part of the year and other coverage the rest of the year, from an Insurance Company, Government – Like Medicare or Medi-Cal or your Employer.
IRS Instructions to file the RIGHT forms, if there are ANY issues or problems —- IRS — Affordable Care Act Tax Provisions
When you are done completing # 8962, enter the calculation on line 46 and/or 69 of 1040 form.
Do you think this process is complicated? See what my CPA thinks.
Other Pages and resources in
Will Donald’s Executive order of 1.20.2017 eliminate having to pay back any excess APTC? Blog Insure Me Kevin.com 1.23.2017
- IRS # 2015-9 No Penalty on payback of excess subsidy for 2014
- Maximum Pay Back of APTC?
- Premium Subsidy Now or Tax Time?
- Tax Return Deadline & Mandate to File
|IRS Withholding Calculator||The Internal Revenue Service commissioner discusses what you should do if you have a change in circumstances that affects advance payments of the premium tax credit you may have received. For even more information, go to www.irs.gov/aca.|