ObamaCare & Form 1040

Repayment of Excess Advance payment


If the marketplace underestimated your income when calculating your advance payment and you do not claim any health coverage exemptions then you will probably have to repay a portion of the advance payment. The premium tax credit will be reported on new IRS Form 8962.
Other factors that can cause a penalty calculation is that you received a advanced payment and your filing status is married filing separately or as a dependent of another or your household income is above or below certain limits.
Answer Provided by: CPAdirectory

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