Health insurance marketplace in tabulo3/10/2023 ![]() ![]() “Since your advanced premium tax credit is based on an estimate of household income, you need the advanced premium tax credit information from Form 1095-A to determine the amount you should have received based on your actual income when you file your taxes,” says Greene-Lewis. ![]() You must file Form 8962 with your income-tax return, reconciling the credit you qualify for with the amount you received in advance. You’ll receive this form from your health insurance marketplace each January reporting how much you received from the credit to reduce your premiums each month during the year.Īnyone who bought insurance from or their state marketplace and received a premium tax credit should receive Form 1095-A and use the information when completing Form 8962. You need to use the information in IRS Form 1905-A to perform this calculation. The repayment of excess credits hasn’t been suspended for 2021. “Due to the challenges Americans faced with fluctuating income in 2020, the American Rescue Plan temporarily waived the requirement for taxpayers to pay back excess advance premium tax credits on their 2020 taxes since taxpayers may have received more income than projected when applying for a subsidy to help pay for marketplace insurance,” says Lisa Greene-Lewis, CPA and tax expert from TurboTax. However, repayments of excess premium tax credits were temporarily suspended for 2020. ![]()
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