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New Member
posted Feb 24, 2024 12:05:01 PM

TurboTax is incorrectly filling in my 8962. Can this be overidden? How can I correct this?

Manual completion of the 8962 shows completely different figures (repayment limitation, amount qualified for, amount to pay back). 
Also, How can I manually override 1040 line 2 to reflect the correct amount?

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1 Replies
Expert Alumni
Feb 24, 2024 12:22:54 PM

Why do you think Form 8962 is wrong?   Have you entered the rest of your income and deductions?    And what is wrong with the interest (line 2) on Form 1040?

 

If the premium tax credit computed on your return is more than the advance credit payments made on your behalf during the year, the difference will increase your refund or lower the amount of tax you owe. This will be reported on Form 1040, Schedule 3.

 

For tax years other than 2020, if the advance credit payments are more than the amount of the premium tax credit you are allowed, called excess APTC, you will add all – or a portion of – the excess APTC to your tax liability on Form 1040, Schedule 2. This will result in either a smaller refund or a larger balance due.

 

Form 8962 and the instructions used to calculate the form.  

 

This tax credit works differently than most. The premium tax credit was available immediately when you enrolled in a plan through the Marketplace. It worked like a discount so you could get help to pay for coverage throughout the year rather than having to wait until you filed your 2023 taxes. Payments of the premium tax credit went directly to the insurance company to pay a share of the monthly health insurance premiums charged to you. The amount was calculated based on what you estimated your 2023 income would be, along with how many people your plan needed to cover and where you lived.

 

Now that you're reporting your actual 2023 income, ZIP code, and family size, we used this info to calculate the discount you should've received throughout the year, and made the necessary adjustment.