Healthcare.gov Excess Premium

[tsunami6425]

Received a Monthly premium credit from healthcare.gov

Column A is $$2017 (Monthly Enrollment Premium)

Column B is $2,388 (Monthly second lowest cost silver plan)

Column C is: $1323 (Monthly Advance payment of premium tax credit)

When calculating the 1095A form, Turbotax says that the excess premium (must be repaid).

How do we do that?  There is nothing on the instruction form on how to refund, and we don't want to get hit with penalties and late payment for the repayment.

Thanks,

[Bsch4477]

See Sch 2 line 2. The amount should be there. 

[tsunami6425]

Yes, but doesn't say how to repay the premium.

[Bsch4477]

That amount is included in the total tax liability calculated by TurboTax. You don’t have to do anything in addition. 

[tsunami6425]

Turbotax says that this amount is owing.  Presumably then it must be paid.

My question is how to pay it.  Does it get paid when filing taxes?  Does the IRS invoice me?

[LindaS5247 · Accepted solution]

It would be included in your total tax liability when you go to file your taxes.  You will be given options such as to have the amount withdrawn from your Bank Account.

You can preview your Form 1040 and see this on line 2 of Schedule 2 as follows:

For TurboTax Online Version:

1. Sign in to your TurboTax account
2. Open or continue your return
3. Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner)
4. With the Tax Tools menu open, you can then:
   • Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first)
   • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu

For TurboTax CD/Download software by following these steps:

1. With your return open in TurboTax, select Preview from the File menu at the top. (If you don't see "Preview," open your return, not just the program).
2. In the pop-up window, choose the set of forms you wish to see (all official forms, specific forms, etc.) and select Preview.
3. Scroll down to view all the forms if you chose to preview multiple forms.

Your Schedule 2 will look like this and should have an entry on line 2.

There are several different ways to pay your tax bill in TurboTax.

1. Direct debit (free)
2. Credit or debit card (convenience fee)
3. Check or money order (free except for postage)
4. IRS Installment Agreement (this may be free or have a fee, depending on your circumstance)
5. Cash (at a retail partner)

Click here for "How to pay your taxes in TurboTax."