Filing 8962 after 1040 and other forms have been filed

There won't be a penalty, you already filed your return.   You should wait for the notice as the notice will have instructions for submitting the documents.   However, if you know you owe, you can make a payment at the IRS website - See IRS Payments.  

The IRS has a document upload tool, but they will include a code you can use the tool to upload your documents with the notice.  IRS Document Upload Tool

Thank you!  I do owe quite a bit for the Premium Tax Credit.  Should I simply pay that now or would that just confuse the IRS since I've paid all other taxes owed?  So for example, let's say I owed $40,000 (and paid it) on the 1040 that was filed and accepted but without the 8962.  Then I added the 8962 in TT and owed another $10,000.  If I make that $10,000 payment what will the IRS do with it since there is no 8962 and an updated page 2 of the 1040 that shows the additional $10,000 for  PTC?

Wait till you get the notice; you can only pay a balance due on the website anyway.    If you wait until you receive the 12C letter, the letter will have a fax number or a code to use the document upload tool.   You know you owe the $$, so just be prepared to remit it whenever you receive the notice.   Since you have already filed and paid the balance due, you won't incur penalties.  

Thanks, DawnC!  So my 8962 says that I owe an additional $18,000.  So I won't incur a penalty when it's time for me to a) upload the documents required by the 12C and b) remit the amount owed?

Interest, yes.  penalties, no.  Although, to be fair, the IRS charges a remarkably reasonable interest rate.

I have advised people in the past to put the amount that you owe into a savings account.  You will earn more interest than you owe the IRS.  Then, when the IRS gets around to sending your letter, you pull the money owed out of savings and send it.

If you pay the amount due right now you run the risk of the IRS system deciding that you need a refund and mailing you a check.  Which you then need to negotiate and send back.  

@freddytax 

Thanks, Robert!  I do have the $$ in a high yield savings account earning 4.1% so I guess I'd be paying the difference of the 7% the IRS charges minus what I'm earning?

Ah, your last paragraph makes perfect sense and exactly what I was thinking!!!

Thank you!!

Pretty much.  The hope is that it comes quickly and you just get to get it over with.

Even though the advice is to wait for the notice maybe you should amend the return.  That way the payment is in their system.  They may be confused but they can work that out for themselves while you're busy not incurring interest charges.  

@freddytax 

Yeah, I blew it on this - actually had the healthcare selection correct and the return was rejected.  For some reason the second time around I changed the healthcare selection and the return was accepted.

Now when you say amend the return are saying upload the 8962 and page 2 of the 1040 and then pay the funds?  Or are you referring to filing a 1040X?  I was told that that could take months to process.

The 1040X can sometimes take years to process.  But the payment would be processed immediately.  And once the payment is processed you can't be dinged for paying late.  They'll have the money even if it takes them a while to sort it all out.  And you won't need to worry because sorting it out is their business, not yours.

@freddytax 

Thank you.  So then I'd make the payment and they simply hold onto  the funds?  And then at some point someone says "that money is for the 8962"?

No.  They'll take the payment and then you'll click on this tool that says "where's my amended return".  And then it will tell you when it has been processed.  Once it has been processed you're done.  You've already paid and there isn't any more that you need to do.

@freddytax 

Thanks, Robert!  So do they need the 8962?  Or do I upload that after I receive the RC2?  Thanks for your patience!

The 8962 will be included with your return once you enter the information from the 1095-A form into your amended tax return.

Here's how to amend your 2024 tax return.

@freddytax 

Oh, I did the amending with the 1095-A which did create an 8962 and reflected the higher tax that I owe AFTER the return was already accepted by the IRS. 

So that's where I am right = I owe for the 8962 amount + ~$900 extra on the late penalty (I bought a house at the end of the year and cashed in stocks, equities, CDs, etc. but wasn't paying taxes quarterly since I did not know I was going buy said house.

So now submit the amended return and the payment then.

@freddytax 

Is that possible with the TT software?  I didn't find where I could resubmit the return after it was accepted by the IRS and wouldn't that be a 1040X?

I did find this link:  https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/got-12c-letter-irs-form-8962/L78Qyi5gK_US_en_US?uid=m9u69hb8

Ah, I find where you can amend the return and then TT wants you the mail it in.

Yes.  You need to amend your tax return.

First, go to your tax return and delete the extra information that you entered.  You made changes to your tax return without amending it.

Next leave the tax return and go to your TurboTax account and then click the 'amend' button for your 2024 return.  

Now add all of the 1095-A stuff back in to your return.  It will generate a 1040-X and an 8962 and if you filed the original return electronically you can file this one electronically as well.

Here's more information on amending a tax return.

@freddytax 

Can the e-filing be done only with Turbotax Online and will this make my return late?

The e-filing can only be done using the software that you used to file the original return.

@freddytax 

So I followed your steps:

1.  Went into the return that I filed and was accepted

2.  Deleted the 1095-A and 8962

3.  Went out of the return and went to amend

4.  Added back the 1095-A info

5.  An 8962 and a 1040X was generated

So does the entire return, all the forms, etc. get filed along with the 1040X?

Now I see an additional amount owed that looks a few thousand dollars less that the original Premium Tax Credit I owed on the updated original return.

No, only the forms that had changes need to be mailed with the 1040X.  

Now another tax expert suggested that I file a 1040X that includes the 1095-A and 8962.  And it appears that this amended return can be done online.  Is that not the case?

I did these steps to amend the return.

1.  Went into the return that was filed and accepted

2.  Deleted the 1095-A and 8962 that I added AFTER the return was accepted

3.  Got out of the return and went to Amend

4.  Followed the steps and added back the 1095-A info

5.  And 8962 and a 1040X were generated

6.  1040X shows the additional amount I owe

Should I file this return or wait for the 12C?  I can't find the web page on the TT site but I seem to remember that if you forgot the 8962 it says DON'T file a 1040X, wait for the 12C.  Is that the case or do I file the 1040X?  It looks like ALL the forms would get sent if I e-file.

File the amended return.   If you get a 12c later, you can fax the 8962 then.