Question

Excess advance premium tax credit repayment. Attach Form 8962

Forum|Forum|1 year ago
October 2, 2024
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Hi. I have printed out the 2023 tax return before filing (haven't filed yet) and see this line with the amount $5142 at the end: Excess advance premium tax credit repayment. Attach Form 8962 ---------------------- $5142

Can someone explain what this means?

Lastly, maybe by error last year with an income of 41,000 I might have selected AMT. I see the following message when trying to figure out the foreign income tax credit:

Your 2022 return shows that you previously decided to use AMT adjustments to determine your taxable income and deductions on the Form 1116 you filled out for AMT purposes. You must continue to use this method. You should only answer No if last year's decision was an error, and you did not enter AMT adjustments in the first year you were required to file Form 1116 for AMT purposes. (Not using AMT adjustments is known as the Simplified Method.)

Will this now be an issue? How can I check if I did not enter AMT adjustments in the first year I was required to file Form 1116 for AMT purposes?

TurboTax Premier Online

A

Anonymous_

Employee

No text available

A

astral101Author

Any help with this, please?

DoninGA

Employee

@astral101 When you entered the Form 1095-A the information on the premium tax credit you received was entered on Form 8962. Based on your income and filing status the excess PTC would have been reported on the 8962 Line 29. This amount flows to Schedule 2 Line 2. The total amount from Schedule 2 Line 3 flows to your federal tax return, Form 1040 Line 17 as a tax liability.