Repayments reported on IRS form 8962 would not necessarily impact your state tax return. Not all states require medical insurance coverage to be reported on their state income tax return. What state tax return you you filing?
The Premium Tax Credit is reported on IRS form 8962 with your Federal tax return. You will need your IRS form 1095-A to fill out this form.
- If you used your credit to reduce your premiums, IRS form 8962 will tell you if you have any of the credit left over, in which case you could use it to reduce your taxes or receive a refund.
- On the other hand, if the amount paid to your insurer actually exceeded the credit amount that you are eligible for, you would have to pay back the excess amount with your tax return.
This can happen if your income increases during the year and you do not update your information with the Marketplace.
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