Question

Premium Tax Credit

Forum|Forum|5 years ago
January 13, 2021
3 replies
0 views

Help - I am entering the information off of Form 1095A and once completed, the screen is telling me the Premium Tax Credit is zero. And as a result, I have to repay the entire amount received as a discount each month. I know for certain that I qualified for the tax credit because I have the documentation from the HealthCare.gov website telling me so.

How or where does the Premium Tax Credit come from and why isn't it appearing for me?

Thanks in advance.

Brian

M

Mike9241

we can't see your return. the PTC is computed on form 8962. you may have to pay to see it.

M

mglauner

Click this link for instructions on Entering a 1095-A.

When you qualified for a Premium Tax Credit through the Marketplace, you entered your income in the application.

If the total income on your tax return is higher than that amount, you may need to repay part or all of the PTC you received. This is calculated on Form 8962.

Click this link for more info on on the Premium Tax Credit.

B

Brian581Author

Thank you - that was exactly my problem - i hit 401% and it was causing me to have to repay the entire amount.

A

AmeliesUncle

@Brian581 wrote:
Thank you - that was exactly my problem - i hit 401% and it was causing me to have to repay the entire amount.

You may want to check if contributing to a Traditional IRA would bring your income down to 400% or less. In some cases that could save A LOT of money.

A

AmeliesUncle

Have you entered all of your income?

Are you entering an amount in Column B of your 1095-A?

As was mentioned above, look at your Form 8962 in your tax return (you will need to pay first). What is on Lines 1, 3 and 5? Does Line 1 and 3 seem correct?