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  • MyTAXPrepOffice Editorial Group

IRS Emphasizes the Importance of Form 8962

Tax season is in full swing, and the Internal Revenue Service (IRS) is urging taxpayers not to overlook a crucial step when electronically filing their tax returns. The IRS has issued a reminder that failure to reconcile advance payments of the premium tax credit (APTC) on Form 8962, Premium Tax Credit (PTC), can lead to the rejection of your electronically filed return.

Who Should File Form 8962?

If you or any family member were enrolled in Marketplace health insurance and received APTC, it's essential to file Form 8962. This form is used to reconcile APTC with the allowed PTC, even if APTC fully covers the cost of Marketplace insurance, and you haven't paid any premiums yourself.

How Do I Fix a Rejected Return?

Despite this requirement, the IRS has observed a rising trend in taxpayers omitting Form 8962 when using tax software to file their returns. To avoid complications and ensure a smooth filing process, taxpayers are encouraged to review the IRS guidelines on correcting an electronically filed return rejected due to a missing Form 8962. Don't let a simple oversight disrupt your tax filing – stay informed and file with confidence.


Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.


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