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Advanced Premium Tax Credits

September 28, 2015

Individuals who received advanced Premium Tax Credits (PTCs) from the health insurance marketplace must file an additional form with their 1040 to reconcile the payments they received. If Form 8962 is not filed with the taxpayer’s 1040, the individual will not be eligible for Premium Tax Credits when they renew coverage in 2016.

The majority of our clients would have automatically had this in their returns if they needed, therefor, no action is required.  However, if you have questions, additional information can be found at http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/The-Premium-Tax-Credit.


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