Yes, you may owe a Premium Tax Credit repayment. This would be reported on Form 8962 and would then be reported on Form 1040 Schedule 2 line 1a. Then this number will go to Form 1040 line 17.
This amount would represent a repayment of a portion of the advance premium tax credit you received.
Taxable income determines whether you owe income tax. Tax liability encompasses income tax, self-employment tax, and other taxes.
If part of your income was due to self-employment income, then you may owe self-employment tax as part of your tax liability.
Take a look at your Form 1040 lines 16, 17, or 23 to try to determine what type of tax you owe.
Thank you Annette!
However the income isnt due to any self employment. The only thing I can think is the marketplace.
Can a 1095A cause a tax liability? Because i noticed the amount due happened when input the 1095A form.
Yes, you may owe a Premium Tax Credit repayment. This would be reported on Form 8962 and would then be reported on Form 1040 Schedule 2 line 1a. Then this number will go to Form 1040 line 17.
This amount would represent a repayment of a portion of the advance premium tax credit you received.