I have already e-filed my taxes using turbo tax and they were accepted at both Federal and State end. I have reconciled my advance payment of premium tax credit for my health insurance that was purchased at the Market place for the year 2018 using form 8962. My household income was low at the time of purchasing the health insurance and I received a premium tax credit, but it went up during the middle of the year. While filing the taxes I see an amount XXXX in on line 46 in Form 1040 (Schedule 2) " Excess advance premium tax credit repayment".
Do I need to send a check to IRS for this amount for the amount listed? Turbo tax didn't instruct anywhere regarding what to do this in this scenario. Could someone please advice?
The amount from Schedule 2 flows to your federal tax return Form 1040 on Line 11 as a tax liability. That amount is included on your tax return either reducing the amount of the tax refund or increasing the amount of taxes owed. In either case the amount is included on your tax return and you do not need to do anything further concerning the tax credit repayment.
The amount from Schedule 2 flows to your federal tax return Form 1040 on Line 11 as a tax liability. That amount is included on your tax return either reducing the amount of the tax refund or increasing the amount of taxes owed. In either case the amount is included on your tax return and you do not need to do anything further concerning the tax credit repayment.