From 8962 shows tax owed but it does not show up o...
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paper2332
Level 2

From 8962 shows tax owed but it does not show up on form 1040

I entered form 1095 A, and generated a form 8962. Additional taxes are shown on form 8962 but they don't flow into Schedule 2 of form 1040. Is there any way to correct this? The numbers on form 8962 are showing up in red, which may mean they are estimated. I'm not sure why it would do that. Some items on the return are entered as estimated but nothing on 1095 A is. Is it possible to link the form to the 1040 if it's not linking itself? I hope I don't have to delete the return and reinstall the software and start over because I've got hours of entries done already. Thanks.

3 Replies
CatinaT1
Employee Tax Expert

From 8962 shows tax owed but it does not show up on form 1040

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 t you would have been entitled to more premium credits than received.     

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rjs
Level 15
Level 15

From 8962 shows tax owed but it does not show up on form 1040

There is nothing that needs to be corrected. The American Rescue Plan Act suspended the repayment of excess Advance Premium Tax Credit for 2020. The Form 8962 will not be included in your tax return, and you do not have to pay the amount shown on it. See the following IRS news release for more information.


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

 

paper2332
Level 2

From 8962 shows tax owed but it does not show up on form 1040

I had not heard that. Thank you both so much for your prompt and clear replies.

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