Covered CA policy holders
won’t have to pay penalties on taxes owed due to having to pay back subsidies – Advance Tax Credits if their MAGI Income was incorrectly estimated
per IRS Notice 2015-9 for 2014, ONLY! Be sure to comply with the requirement to change your estimated income and other life changes within 30 days!
Forbes for more information and detail.
Premium Tax Credit APTC Form # 8962 & Penalties
Other Pages in Premium Tax Credit APTC Form # 8962 attaches to Form 1040 section
- excess subsidy IRS # 2015-9 No Penalty on payback of for 2014
- IRS 12 c letter – need to file 8962 Premium Tax Reconcilation
- Maximum Pay Back of APTC?
- Tax Return Deadline & Mandate to File
- VITA FREE help – Covered CA Warning Memo
- Commission Income?
- Estimated Income – Credit now or later?
- 2 year old tax return vs projected next years income?
- Credit at tax time if not requested initially?
- Monthly Income vs Annual MAGI?
- Maximum Pay Back?
- 8962 – Premium Tax Credit