Form 8962

[CatinaT1]

Due to changes in the tax laws, it won't exist if you would have been required to pay back some of the premium credits received.  Excess credits for 2020 do not have to be repaid.   Form 8962 would only exist if you would have been entitled to more premium credits than received.     

[Critter-3]

The American Rescue Plan Act suspends the requirement to pay back excess Advance Premium Tax Credit for 2020. See the IRS news release at the following link.

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit

[hgraham457]

Where is form 8962 in the downloaded version of TurboTax Deluxe 2020?

[DoninGA]

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@hgraham457 wrote:

Where is form 8962 in the downloaded version of TurboTax Deluxe 2020?

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You have to enter a Form 1095-A before the Form 8962 will be generated by the TurboTax program.

To enter your Form 1095-A -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Deductions and Credits
• Click on I'll choose what I work on (if shown)
• Scroll down to Medical
• On Affordable Care Act (Form 1095-A), click the start or update button

Or enter 1095-a in the Search box located in the upper right of the program screen. Click on Jump to 1095-a

[dgavin1548]

I need form 8962 for 2019 in order to comply with recent IRS request.

Thank you for sending this form.

David Gavin

[Critter-3]

As already said in this thread ... entering the form 1095-A information in the program will populate the form 8962 ... so do you already have one in the PDF ?   If not you will need to use the amendment process to add the 1095-A. 

[rcarney611]

I have a non dependent child on my Health Care Marketplace 1095-A. But she is not counted in my generated 8962  family size - causing a penalty on line 29?  Is this a bug in Turbo Tax.

[Vanessa A]

No, that is not a bug. The credit is based on your Household income and family size.  So, if you received the Advanced Premium Tax Credit and are allocating the full amount to yourself, then the calculation would show you received too much for your income and family size.  

Since she is not part of your tax family, you can allocate a percentage that you both agree on to her.  This will allocate the Advance Credit as well and may lower the amount you have to pay back. However, it is also possible that the smaller tax family size or changes in your income may have made you ineligible for the credit.