Another VERY important update from the IRS. Please read in case it applies to you. Again, if you have any questions let me know. Form 8962 (Premium Tax Credit) This form will be used by any taxpayer who obtained their insurance through the Marketplace and are eligible for the premium tax credit. In most cases, the taxpayer will have received an advance premium tax credit (subsidy) during the year to help pay their monthly health insurance premiums. It is important to remember that any taxpayer who received a subsidy must complete Form 8962 and reconcile the calculated premium tax credit based on their actual 2014 income and family size with the advance premium tax credit (subsidy) that they received during the year. Also remember that the subsidy went directly to the insurance company and not the taxpayer. If the taxpayer is required to include the Form 8962 (Premium Tax Credit) with their return and they do not, the following will occur: The IRS will not complete processing the return until they receive the Form 8962. This means their refund will be delayed and they will receive a notice from the IRS requesting the Form 8962 be completed and sent to them. The taxpayer can be denied an advance of the premium tax credit (subsidy) in future years.
Posted on: Mon, 22 Sep 2014 03:23:02 +0000
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