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Tommy EV
Level 3

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

A similar thread is posted in this community but has been marked SOLVED.  This issue is NOT SOLVED.  Turbotax has from 8962 WRONG.  Congress has allowed the PTC for MAGI income of over 400% FPL.   Data entered on 1095-A is not populating to form 8962 and calculating the PTC subsidy correctly for those over the 400%.  It is working on income under 400%, but Congress has waived that limitation for tax years 2021-2025.

 

PLEASE FIX THIS

5 Replies
DoninGA
Level 15

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

Solved is a misnomer on a thread.  It only means that someone selected the answer on the thread as the best answer.

 

This problem was reported several days ago to the Moderators of the TurboTax user forum.  They replied back -

 

Thank you all for bringing this to us. This is a confirmed issue, and the team is working diligently to fix this as soon as possible. I am monitoring this closely and I will reach out when I have more information or a containment article to share.

 

Debra_S

lowraharrison
New Member

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

This problem persists as my 2022 return has been rejected several times  from yesterday, the day before, and today due to this issue.  I have paid Turbo ax and need results.  My insurance is provided by my employer and has nothing to do with Form 8962.  With this said, my 2022 tax return is delayed.  I need Turbo Tax to immediately fix this problem or refund me so that I can find other resources to assist me in my refund needs.

AmyC
Employee Tax Expert

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

Since your insurance is through your employer, you do not need to enter 1095-B or 1095-C. The 8962 is only associated with those that have Obamacare and receive a 1095-A. You can delete that section and be sure to mark no that you do not have insurance through the Affordable Care Act. Once deleted, the 8962 will go away and you can file.

 

You may want to try:

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@lowraharrison

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lowraharrison
New Member

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

Selecting "no" on receiving 1095 is not working. I then select "Continue" and received the message of coming back and filling out a 1095 or IRS will reject my return. There is no option to delete. "No" is not deleting this option from my return. 

AmyC
Employee Tax Expert

Form 8962 Premium Tax Credit(PTC) is WRONG. Turbotax is not allowing for the PTC for MAGI income of over 400% FPL for tax year 2022 as passed in the American Rescue Plan Act of 2021 and as extended through 2025 in the Inflation Reduction Act

If you are using:

  • Online: see How do I view and delete forms in TTO?
  •  Desktop: If you are working in the cd/download TurboTax program:
    1. On the top right, there is a FORMS button. 
    2. Click on FORMS.
    3. Locate the form you want to delete.
    4. Click on the form name.
    5. Below the form, bottom left, select DELETE FORM button. For a mac, click the delete button on your keyboard.

The form will come back if you have entered information that causes the program to believe you need the form.

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