I filed my Federal taxes which I prepared through Turbo Tax. I received a letter from the IRS that stated,
“The monthly amounts you reported on Form 8962, Premium Tax Credit, Part II, lines 12 through 23, do not match the information we have on file from the Heath Insurance Marketplace for the respective months. Refer to the monthly information from your Forms 1095-A, Health Insurance Marketplace Statement, and report the amounts from each applicable month on lines 12 through 23 of Form 8962. Do not combine amounts for different months when completing lines 12 through 23. You must report each month separately.”
I received the advanced premium tax credit for the first 4 months of the year, after which, I lost the advanced premium tax credit due to my inability to provide proof of income.
On my 1095-A, Column (A) is filled with the premium amount for all 12 months. Column (B) has the Second Lowest Silver Plan for only the first month followed by 0 for the remaining months of the year. Column (C) lists the advanced premium credit that I received for the first 4 months, after that it lists 0.
In Turbo Tax I input the SLCSP Premium for all 12 months so that Turbo Tax would calculate the correct refund amount. Thus, form 8962 Column (B) doesn’t match form 1095-A Column (B) totals. I've read that column (B) should have the SLCSP Premium for all 12 months. I believe that my 1095-A is incorrect because it should list the SLCSP for all months but only does for the first 4 months which is causing the discrepancy between the 2 forms.
What do I need to do to remedy my situation and how do I respond to the IRS? What do I need to do in TurboTax?
