What Do I Do If I Received An IRS Letter About A Missing 8962?

What happens if I don’t file Form 8962?

A few things may happen: (1) The IRS can adjust your return based on that missing information, and if they determine taxes should have been due, they will asses penalties and interest on that amount, (2) They can reject your return for incomplete information, or (3) They will hold your refund and request you send in ….

How do I know if IRS received my 8962 form?

If not, you can call the IRS directly (800-829-1040) to confirm if they have received it.

How does form 8962 affect tax return?

Filing a federal tax return to claim and reconcile the Credit. If you or someone in your family received advance payments of the premium tax credit through the Health Insurance Marketplace, you must complete Form 8962, Premium Tax Credit. … This will increase your refund or lower the amount of tax you owe.

What happens if you forget to file 1095 A?

What can I do if I missed to include my Form 1095-A in my income tax? If you have submitted your return, you will need to wait until it’s accepted or rejected. If it’s rejected, simply correct and re-submit. If your return is accepted, you will need to submit an amendment Form 1040X.

Can you file Form 8962 online?

If you completed your tax return originally in TurboTax you can add this form online and should not be charged. In order to complete the 8962 you will need to start as an amending return but that return will not be filed.

Why does the IRS want a 8962 form?

What Is IRS Form 8962? Form 8962 is used to calculate the amount of premium tax credit you’re eligible to claim if you paid premiums for health insurance purchased through the Health Insurance Marketplace. 1 Claiming the premium tax credit could reduce your tax liability for the year.

How long does it take IRS to fix error?

Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system. Before that time, there’s no need to call the IRS unless the tool specifically tells the taxpayer to do so.

How do I know if the IRS received my letter?

The IRS does not confirm any received paperwork, unfortunately. You know they receive it, if the return is processed, and if your refund is sent or your amount due check is cashed, or your account is debited.

How can I avoid paying back my premium tax credit?

The easiest way to avoid having to repay a credit is to update the marketplace when you have any life changes. Life changes influence your estimated household income, your family size, and your credit amount. So, the sooner you can update the marketplace, the better. This ensures you receive the correct amount.

Do I need to file Form 8962?

You must file Form 8962 to compute and take the PTC on your tax return. Advance payment of the premium tax credit (APTC). … If APTC was paid for you or an individual in your tax family, you must file Form 8962 to reconcile (compare) this APTC with your PTC.

How long does it take IRS to process 8962?

4-8 weeksThe IRS says to allow 4-8 weeks to process a return after receiving the 1095-A and Form 8962, although I have seen them processed much quicker than that.

Why is the IRS asking for 1095 A?

Taxpayers who receive Form 1095-A use it to complete Form 8962, Premium Tax Credit; Form 8962 is used to reconcile advance payments of the premium tax credit and to claim this credit on the recipient’s tax return. … IRS needs to review the taxpayer’s Form 1095-A to verify her Marketplace coverage.