Where is Schedule 2 Form In Turbotax forms?

[JulieCo · Accepted solution]

Schedule 2 will only be automatically generated if your tax return has amounts for Alternative Minimum Tax (Form 6251) or Excess Advance Premium Tax Credit Repayments (form 8962).  Therefore, if either of those amounts are to be reported on your 1040 return, then Schedule 2 will be generated.  If you do not see the form listed with your other tax return documents, then Schedule 2 does not have any amounts reported on it and was not generated.

Schedule 2 is a new form for 2018.  The 1040 form was completely revised this year and many line items that used to be reported on the 1040 form are now on up to six different schedules (Schedules 1 to 6).  Schedule 2

[amkr]

My 1040 has a taxable income of 3900.  Nothing on line 16. Line 17 says $0 tax due.  Refers to Schedule 2, Line 3.  No reason that a Schedule 2 would be generated.  Why do I not owe $390 tax?

[macuser_22]

For Schedule 2 line 3 see JulieCo's answer right above your post.    Look at Schedule 2 lines 1 & 2 to see which one it is.

[amkr]

As I said No reason for a Schedule 2 to be generated. Found my answer by getting down into the weeds to find the Qual Dist/Cap Gain. Qualified Distribution and Capital Gain Tax Worksheet . That's where the tax computation was done

[glporter53]

We did my son's return and a Form 8962 was generated as well as a Schedule 2.  It showed that he was going to owe the Feds.  Went in today and installed the latest updates to TurboTax, opened his file and now it is showing he is getting a refund from the Feds.  After research what was going on, Form 8962 was still generated, but, Schedule 2 is no longer there.  Because Schedule 2, Line 3 is blank on Form 1040, it did not report $800 that it was previously before this latest update.  If Form 8962 is being generated, why isn't Schedule 2?  I think there is something amiss.

[DoninGA]

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@glporter53 wrote:

We did my son's return and a Form 8962 was generated as well as a Schedule 2.  It showed that he was going to owe the Feds.  Went in today and installed the latest updates to TurboTax, opened his file and now it is showing he is getting a refund from the Feds.  After research what was going on, Form 8962 was still generated, but, Schedule 2 is no longer there.  Because Schedule 2, Line 3 is blank on Form 1040, it did not report $800 that it was previously before this latest update.  If Form 8962 is being generated, why isn't Schedule 2?  I think there is something amiss.

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The 2020 federal tax return is correct for the PTC adjustment.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-p...

The Internal Revenue Service announced today that taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file.

[coffeetime6988]

The same thing happened to me.  I already e-filed my return, and am expecting to send a check for $1,197 to the IRS come May 17th.  I always launch TurboTax to see if any new updates change things, and sure enough a recent one now says that we should be getting a $4,722 refund.  I actually contacted TT support, and uploaded my file so that they can look at it and see what's going on, but from what I can tell, Line 29 of Form 8962 says to enter the amount on Schedule 2 (Form 1040), but there is no such form in the list of forms, and when I pull up Form 1040, Line 17 (where the number is supposed to come from) is blank.  What's going on?  If the law changed, then TT needs to let us know whether or not we need to file an amended return!

[Red Fox]

For those of you who paid back an excess Premium Tax Credit in 2020, and no longer see a Schedule 2 or an amount on Form 1040 for this additional "tax", this IRS notice explains it all. It says:

1. You do not need to file an amended return

2. The IRS will send you your excess PTC payment as a refund, as they process them and catch up

https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-p...

[Red Fox]

Your circumstance may not need an amended form. Please see

https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-p...

for more details, which explains the law change which precipitated the removal of Schedule 2 and the entry on your Form 1040.

[Red Fox]

I saw the same thing, for an excess Premium Tax Credit which I paid back when I e-file a few months back. Please see

https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-p...

for more details. You may not need to file an amended return and the IRS may automatically send you the excess PTC that you might have paid.

[Red Fox]

The America Rescue Plan Act of 2021 changed some of the parameters for Form 8962 > Schedule 2 > Form 1040, particularly and specifically with the repayment of the excess Premium Tax Credit (ACA) - which is now waived. So, I think this original question may be driven by many noticing this reflecting in their Forms and Schedules. You are correct in your answer, but be aware that there are disappearing Schedule 2's due to the Rescue Act.

[sdjmstm]

Red Fox is correct!

Wonderful news! Trust in TurboTAX is restored!

>>>This whole 2021 TurboTax - where is my 8962 and Schedule 2 - IRS letter 12 C I got back in March 2021 - put me on a wild goose chase. I literally started hounding all the TurboTax agents for help - and most of them were not able to help. But, now, we don't need any of this Schedule 2 or 8962 due to the recent announcement by the IRS. On April 9, 2021. TurboTAX is no longer including 8962 in the return regardless of whether there is excess APTC.

Your screen in TurboTAX after putting your 1095A in there, should say something like "Good news, there is no requirement for repayment of insurance premiums in 2020." <<<

THIS IS HUGE; See below article from the IRS:

===== FROM IRS.GOV =====

IR-2021-84, April 9, 2021

WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) exceed his or her Premium Tax Credit (PTC).

The Internal Revenue Service announced today that taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file.

Eligible taxpayers may claim a PTC for health insurance coverage in a qualified health plan purchased through a Health Insurance Marketplace. Taxpayers use Form 8962 to figure the amount of their PTC and reconcile it with their APTC. This computation lets taxpayers know whether they must increase their tax liability by all or a portion of their excess APTC, called an excess advance Premium Tax Credit repayment, or may claim a net PTC.

Taxpayers can check with their tax professional or use tax software to figure the amount of allowable PTC and reconcile it with APTC received using the information from Form 1095-A, Health Insurance Marketplace Statement.

The process remains unchanged for taxpayers claiming a net PTC for 2020. They must file Form 8962 when they file their 2020 tax return. See the Instructions for 8962  for more information. Taxpayers claiming a net PTC should respond to an IRS notice asking for more information to finish processing their tax return.

Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return. Taxpayers who received a letter about a missing Form 8962 should disregard the letter if they have excess APTC for 2020. The IRS will process tax returns without Form 8962 for tax year 2020 by reducing the excess advance premium tax credit repayment amount to zero.

Again, IRS is taking steps to reimburse people who filed Form 8962, reported, and paid an excess advance Premium Tax Credit repayment amount with their 2020 tax return before the recent legislative changes were made. Taxpayers in this situation should not file an amended return solely to get a refund of this amount. The IRS will provide more details on IRS.gov. There is no need to file an amended tax return or contact the IRS.

As a reminder, this change applies only to reconciling tax year 2020 APTC. Taxpayers who received the benefit of APTC prior to 2020 must file Form 8962 to reconcile their APTC and PTC for the pre-2020 year when they file their federal income tax return even if they otherwise are not required to file a tax return for that year. The IRS continues to process prior year tax returns and correspond for missing information. If the IRS sends a letter about a 2019 Form 8962, we need more information from the taxpayer to finish processing their tax return. Taxpayers should respond to the letter so that the IRS can finish processing the tax return and, if applicable, issue any refund the taxpayer may be due.

See the Form 8962 and Fact Sheet 2021-08, More details about changes for taxpayers who received advance payments of the 2020 Premium Tax Credit.