Need A Form 8962?
If a client calls saying they filed their tax return elsewhere but received a letter from the IRS stating they need to send in a 1095A and the Form 8962, you can use this Excel Spreadsheet to generate a Form 8962 without having to recreate the tax return. All you need is the 1040 and the 1095A.
Download and Complete all fields in Blue.
(Not for Alaska, Hawaii, Those illegally present in U.S. who have a policy, or Allocation of Policy)
Click on the image to download the Excel file. I have one for 2018 and one for 2019
After I print the 8962, I fax it with the 1095A and Page 2 & 3 of the IRS letter (the one that has the blanks for Taxpayer name, number, number of pages, etc) I use that as the Fax Cover page!
All my clients have had the fax #855-309-9361 associated with their letter, so that is where I fax them all.
Per an IRS rep at that department, it takes about ten (10) days for show in the system that they have received the fax, and up to 16 weeks to process once they receive it. I warn my clients about this because it is a long process and they think once we fax it, it is a quick turn around.
Best # to call 1-866-682-7451 x 568
This department ROCKS!!!!!!
Quick to answer and VERY VERY HELPFUL!!!!
I recommend the client call 10 days after its faxed just to make sure they received the fax on their end, since it is a long process (I had one out of over 30 that said it went through on my end, but they said they never received--so better safe than sorry)
From Prosperity Now's TON's VITA Train --check out Module 9 for information on Affordable Care Act
Affordable Care Act Taxpayer Scenarios can be found in IRS PUB 5157
ACA Affordable Care Act Important Information:
One of the most confusing things for clients and tax preparers is the ACA with all its rules, exemptions, and exceptions.
Please review this excellent handout to make sure you are not accidentally forcing a repayment of subsidy--it's all in how you answer these 2 questions. (Created by: A project of the Center on Budget and Policy Priorities)
Marketplace Tips for
VITA Volunteers & Clients
No 1095A at appointment time? You can't complete a tax return if the client has Marketplace but doesn't have their form, but we don't send them away, Here is what we do:
**Please note, a hand written 1095A is not acceptable when answering the IRS notice requesting an omitted Form 8962 and 1095A. You must send a copy you receive from Marketplace!
From IRS: Additional information. For additional information about the tax provisions of the Affordable Care Act (ACA), including the individual shared responsibility provisions, the premium tax credit, and the employer shared responsibility provisions, see www.irs.gov/AffordableCare-Act/Individuals-and-Families or call the IRS Healthcare Hotline for ACA questions (1-800-919-0452). I just found this number--never called it--but a good resource to have.
When you review the 8962:
Pay attention to line 5: Household Income as a percentage of federal poverty. If this percentage is high (300% or more) you might want to warn clients about what could happen if they reach 400%--FULL REPAYMENT OF ALL SUBSIDY!
IRS PUB 4012, page H-30 shows this chart that I show clients.
Beyond the Basics-Health Reform is another great project by the Center on Budget and Policy Priorities that have very helpful resources. http://www.healthreformbeyondthebasics.org/home/for-tax-preparers/
So, the next part is OUT OF SCOPE for VITA, but I wanted to see if I could do it . The spreadsheet below will generate an allocated FORM 8962--its not something you can add into Taxslayer as it is OUT OF SCOPE
Want to calculate the Shared Responsibility Payment for net having insurance (For tax Years 2016-2018). This is no longer in effect for 2019 Tax Year!!!!
You can contact me at firstname.lastname@example.org
Please note: I, Mary Meador, AM NOT a certified accountant or tax law expert. I volunteer with VITA providing free tax preparation for individuals and families whose income is less than $66,000 a year. We deal with simple returns at our sites. I cannot guarantee the accuracy of all the information on this site as tax laws change and I may not have a clear understanding of complicated issues. I am trying to provide basic tax preparation information for our volunteers to get started--remember Publication 4012 is your go-to resource for questions, as well as irs.gov and Publication 17.