How do I repay my Premium Tax Credit on marketplace insurance?

[rjs]

When you enter your Form 1095-A in TurboTax it will calculate the repayment and add it to your tax. The repayment will appear on Schedule 2 line 1a.

To enter Form 1095-A go to Federal Taxes > Deductions & Credits > Medical > Affordable Care Act (Form 1095-A).

[LindaS5247]

As rjs mentions above, to repay your Premium Tax Credit in TurboTax, you will enter your Form 1095-A (Health Insurance Marketplace Statement). TurboTax will automatically use this to fill out Form 8962, which compares your estimated credit to the actual credit, resulting in an automatic repayment if you have received too much.

Specifically, your repayment of excess Advance Premium Tax Credit is reported on Form 1040, Schedule 2, Line 1a. This amount, which is calculated on Form 8962, increases your total tax liability, resulting in a smaller refund or a larger balance due.

To get to your screen in TurboTax where you can enter this Form 1095-A information you can:

1. Click on "Search" at the top right of your TurboTax screen,
2. Type "Form 1095-A" into the search bar and
3. Click on the link "Jump to Form 1095-A".
4. Enter the numbers exactly as they appear on your 1095-A, including monthly premiums, SLCSP, and APTC.

If your final annual income is higher than the estimate you gave the marketplace, you must repay the excess premium tax credit.

E-file your return with Form 8962 attached. Do not mail your 1095-A to the IRS.

See also;

 What is the Premium Tax Credit (PTC) and What is Tax Form 8962?

Where do I enter my 1095-A?

What is Form 1095-A: Health Insurance Marketplace Statement

Please return to Community if you have any additional information or questions and we would be happy to help.
 

[gillianmblake]

Thanks for your response! Unfortunately the system didn't work that way. It showed me I owed a balance while completing my taxes, but when it came to the end, no additional payment was due. 

[DawnC]

Then you don't owe any repayment, @gillianmblake.   You must have had a refund enough to cover any payback amount required.   You can look at Form 8962 included in your return to verify the amount of repayment that was calculated.  

[gillianmblake]

@DawnC That's what's weird. I owed about $1300 for the premium tax credit repayment and that's what's listed on the 8962. And I owed for Federal and am getting a state refund. The amount due for Fed was deducted already and I believe the refund is in progress as well. But the premium tax credit didn't show up at all in the final processing when I clicked the button to file. But I can see it in my return. 

It's just odd - I'm not sure if I did something wrong. But as I was going through all the steps, it looked good.

I'm not sure if I should reach out...somewhere, or wait? 

I'm thinking somehow, someone is going to send me a bill for it. They know where to find me. 😉

[marcohl]

Did you ever figure out this? I have the same thing on mine, it says I need to repay but I'm getting a refund and the refund is the same amount after I updated the 1095a. So I'm pretty sure I'm not repaying with the filing. If you ever figure this out please let me know. I think I had this same issue last year, thought someone is going to bill me, but it's been a whole year and nothing. 

[gillianmblake]

@marcohl No, I don't have a solution yet. It's on my list to make some calls but haven't had a chance. If I get an answer, I'll definitely let you know.

[JohnB5677]

If you owe money for the premum tax credit it is include on your Federal tax return.

• It is posted on Form Schedule 2 Line 1a.
• It is then carried to your Form 1040 line 17.
• It is then included in your total tax line 24.