Can I get a statement showing a breakdown of my Health Insurance Penalty costs?

beemorrow13 — Tue, 04 Jun 2019 20:02:13 GMT

There is no statement but depending on whether the penalt...

Coleen3 — Tue, 04 Jun 2019 20:02:14 GMT

There is no statement but depending on whether the penalty was because you did not have insurance at any point in the year or because your income was over the amount for the Premium Tax Credit, there are IRS forms with the information.

Line 61, 1040 show the Individual responsibility payment and the breakdown is on Form 8965.

Line 46, 1040 shows excess advance Premium Tax Credit repayment and the breakdown is on Form 8962.

Form 8965 is generated when you answer certain questions in the Health Insurance section. We'll automatically fill it out (including the exemption code) if anybody on your return didn't have health insurance coverage for the entire year.

Here's how to get to the form in TurboTax:

Open (continue) your return if you don't already have it open.
Select the Take me to my return button.
Search for 8965 and then select the "Jump to" link in the search results.
At the question Did you have health insurance coverage in 2017? select the second or third option and select Continue.
When you get to Did you have a situation that waives the tax penalty for being uninsured? check the box (or boxes) that apply, then select Continue.

If you have an ECN or are applying for one, make sure you check Got an exemption certificate number.

Keep following the onscreen instructions. At some point, we'll display the penalty and exemption code or codes.

If you see the message You are exempt from the tax penalty or The penalty has been waived, you won't be penalized. In this case, Line 14 of your 8965 (shared responsibility payment) will be blank.

The Premium Tax Credit (PTC) is a tax credit to help make health coverage more affordable when you purchase health insurance from Healthcare.gov or a state Marketplace.

You qualify for the credit if:

Your health insurance plan is purchased through Healthcare.gov or a state Marketplace.
Your household income falls between 100% and 400% of the federal poverty level for your household size.
You don't file as Married Filing Separately (with exceptions for victims of domestic abuse and spousal abandonment).
You can't be claimed as a dependent by another person.

If you qualify, you can either take your tax credit as a monthly subsidy to help pay for your insurance costs, or claim the entire credit when you file your tax return.

Regardless of which choice you made, when you enter the information from your 1095-A, we’ll calculate your Premium Tax Credit and prepare Form 8962 for you to file with your tax return.

Is there a way to view the breakdown if I've already subm...

beemorrow13 — Tue, 04 Jun 2019 20:02:16 GMT

Is there a way to view the breakdown if I've already submitted my return?

You can still print the forms. In fact, you should always...

Coleen3 — Tue, 04 Jun 2019 20:02:17 GMT

You can still print the forms. In fact, you should always print them for your own records. <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2562308-how-do-i-print-a-copy-of-my-return-after-filing-for-my-own-records">https://ttlc.intuit.com/questions/2562308-how-do-i-print-a-copy-of-my-return-after-filing-for-my-own-records</a>

topic Can I get a statement showing a breakdown of my Health Insurance Penalty costs? in Get your taxes done using TurboTax

Can I get a statement showing a breakdown of my Health Insurance Penalty costs?

There is no statement but depending on whether the penalt...

Is there a way to view the breakdown if I've already subm...

You can still print the forms. In fact, you should always...