topic When I am doing Form 8962, Line 25 is larger than 24, so when I subtract 24 from 25, it becomes negative. (Line 27 is negative). Does this mean I will owe or be owed? in Get your taxes done using TurboTax

When I am doing Form 8962, Line 25 is larger than 24, so when I subtract 24 from 25, it becomes negative. (Line 27 is negative). Does this mean I will owe or be owed?

lacers006 — Thu, 06 Jun 2019 09:07:01 GMT

I'm trying to figure this thing out. So silly, but when i try to do the last couple parts of this Form...I have the 3 columns that I basically copied from the 1095 A. So I have 3 different amounts. When I'm figuring out Line 24 and 25, 25 is much larger than 24 resulting in a negative number on line 27. I also don't have anything written on line 26. Am I doing this right?

Form 8962 is a very complicated form, so don't feel alone...

JohnW15 — Thu, 06 Jun 2019 09:07:02 GMT

Form 8962 is a very complicated form, so don't feel alone in your frustration.

If line 25 is larger than line 24, there wouldn't be an entry on line 26, and there should be a positive number on line 27. The instructions for line 27 say " If line 25 is greater than line 24, subtract line 24 from line 25. Enter the difference here." So, if line 25 is larger than line 24, and you subtract line 24 from line 25, line 27 will be a positive amount.

This means that you'll owe a repayment. However, what you owe might be limited -- see “Table 5 -- Repayment Limitation” on page 16 of Instructions for Form 8962 (2017).

Re: Form 8962 is a very complicated form, so don't feel alone...

clarixacordon — Mon, 15 Mar 2021 14:12:54 GMT

I spent the whole weekend trying to find out what I was doing wrong and it was just the way I was reading the instructions. Thank you so much for your explanation!!!