Question: What Happens If I Don’T File Form 8962?

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..

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.

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.

Does everyone need to file Form 8962?

Not everyone can file Form 8962 and claim the Premium Tax Credit. Only those who have health insurance through the Affordable Care Act health insurance Marketplace (also known as the Exchange) are eligible to use Form 8962, and not everyone who has Marketplace coverage can qualify.

Do I need to file Form 8962 2019?

If you are claimed as a dependent on another person’s tax return, the person who claims you will file Form 8962 to take the PTC and, if necessary, repay excess APTC for your coverage. You do not need to file Form 8962. You can take the PTC for 2019 if you meet the conditions under (1) and (2) below.

Who must file IRS Form 8962?

You must file Form 8962 if: You want to claim the premium tax credit, or. Advanced premium tax credits were paid for you or a family member covered by your plan.

What do I do if I received an IRS letter about a missing 8962?

If your Letter 12C indicates that Form 8962, Premium Tax Credit was missing and not attached to your return, you will need to send the completed Form 8962 to the IRS. You do NOT need to amend your return, so there is no need to submit Form 1040-X, Amended Return.

What happens if you 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.