First 1095-A for me

[ILLMAS]

TP received paid a monthly premium (for the whole) but received no advance payment of PTC, do I still have to fill out form 8962 if there is no reconciliation of the tax credit?  Or do I just check off full-year coverage on the 1040?

 

Thanks

 

MAS

[Margaret CPA in OH]

I think if you input the numbers (and check the instructions), it may be possible that the client will qualify for a credit in arrears depending on the results of the tax return and 2014 actual income. 

[Jack from Ohio]

TP received paid a monthly premium (for the whole) but received no advance payment of PTC, do I still have to fill out form 8962 if there is no reconciliation of the tax credit?  Or do I just check off full-year coverage on the 1040?

 

Thanks

 

MAS

YES

[Terry D EA]

Yes

[jklcpa]

MAS, the above answers might be incorrect.  You need to check the box on Form 1040, line 61. Whether or not you need form 8962 depends. Please see "Who Must File" below from the instructions for Form 8962.  If the person purchased insurance from the exchange, he or she will receive the 1095-A even if no APTC is paid.  In general,  if the person received the APTC during the year, then the 8962 is required.  IF THE PERSON NOW QUALIFIES for the PTC, OR received the APTC, then file the 8962.  IF THE PERSON DOES NOT QUALIFY for the PTC now and never received any APTC, then do not file 8962.  But please, see the instructions below.

From the instructions:

 

Who Must File
You must file Form 8962 with your income tax return (Form 1040, Form 1040A, or Form 1040NR) if any of the following apply to you.

• You are taking the PTC.
• APTC was paid for you or another individual in your tax family.
• APTC was paid for an individual (including you) for whom you told the Marketplace you would claim a personal exemption and neither you nor anyone else claims a personal exemption for that individual. See Individual you enrolled for whom no taxpayer will claim a personal exemption under Lines 12 through 23—Monthly Calculation, later.

If any of the circumstances above apply to you, you must file an income tax return and attach Form 8962 even if you are not otherwise required to file. You must file Form 1040, Form 1040A, or Form 1040NR.
If you are claimed as a dependent, 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.
 

If you are filing Form 8962, you cannot file Form 1040EZ, Form 1040NR-EZ, Form 1040-SS, or Form 1040-PR.

 

If someone else enrolled an individual in your tax family in coverage, and APTC was paid for that individual’s coverage, you must file Form 8962 to reconcile the APTC. You need to obtain a copy of the Form 1095-A from the person who enrolled the individual.

[ILLMAS]

Thanks Judy,

 

MAS

[Kea]

Judy is correct.

I found out the hard way. I bought my own insurance through the exchange with no subsidy. Got my 1095A & entered everything. When doing the error check, ATX gave the red warning saying that if no subsidy received & over 400% FPL, do not include form.

So, if no subsidy & income over 400%, save yourself some time & just check the box.