Hi. I have printed out the 2023 tax return before filing (haven't filed yet) and see this line with the amount $5142 at the end: Excess advance premium tax credit repayment. Attach Form 8962 ---------------------- $5142
Can someone explain what this means?
Lastly, maybe by error last year with an income of 41,000 I might have selected AMT. I see the following message when trying to figure out the foreign income tax credit:
Your 2022 return shows that you previously decided to use AMT adjustments to determine your taxable income and deductions on the Form 1116 you filled out for AMT purposes. You must continue to use this method. You should only answer No if last year's decision was an error, and you did not enter AMT adjustments in the first year you were required to file Form 1116 for AMT purposes. (Not using AMT adjustments is known as the Simplified Method.)
Will this now be an issue? How can I check if I did not enter AMT adjustments in the first year I was required to file Form 1116 for AMT purposes?
