USA Form 8962

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Hi guys,

I filed my tax return in January. However, instead of receiving a refund, the IRS sends me a letter telling me to fill out Form 8962 which deals with the Premium Tax Credit (PTC). This is the first year I have encountered this and filling it out is becoming more difficult than I thought. The IRS instructions are incredibly vague and simply are not as detailed as they should be.

I have received a 1095-A in regards to my healthcare, and have filled out "practice" 8962 forms and every time it is telling me that I will have to pay upwards of $700 back to the IRS. I am hoping that I am filling out the form wrong, but I just can't be sure. It upsets me because I feel like I am being penalized even though I have health insurance.

I could really use some help with this if anyone is willing to help me. Please PM me.

All the best :)
Andrew.
 
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When you went and got a quote for Health Insurance through the marketplace, the Adjusted Gross Income amount was off your previous year return (estimated amount). The marketplace estimated your income for the current year. At year end you will receive a 1095 form from your Insurance Company which will reflect all the numbers. if your current year income is greater than the previous year, you will end up with a liability, if the income is less, IRS will give you the difference as a refundable credit.
Hope this helps!!
Narek Alumyan
 
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you did get insurance thru the marketplace, didn't you? if you have a private insurer, you didn't answer that you have private insurance when you filed your taxes.
 

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