Form 8962 Premium Tax Credit is required when someone on your tax return had health insurance in 2020 through Healthcare.gov (or a state marketplace) and took the Advance Premium Tax Credit to lower their monthly premium. We'll help you create (or correct) the form in TurboTax. @Celaine3 @Dsteiner1
If you received the notice from the IRS to send in the 8962 and 1095-A, use these instructions to have TurboTax complete the 8962, which you can print and forward to the IRS.
When you enter the 1095-A, you will click the Shared Policy option. Then on the next page, you will enter the percentages that you and your parents have agreed upon. If they are to cover all of it, then allocate 100% to the other taxpayer and 0% to yourself. Depending on the details of your particular situation, choose the option that best represents your 1095-A from this link for an explanation of how the advance Premium Tax Credits works with a shared allocation. This will depend on the amounts in columns B and C of the Form 1095-A.
Also, please note that TurboTax is not yet updated for the recent legislative changes regarding the Premium Tax Credit. Some taxpayers will not have to pay back the advance payments as part of covid-relief legislation that passed last month. So, the tax calculations may not be correct but we expect to hear something from the IRS very soon on this.
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