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Tuesday, September 8, 2015
Not Reconciling Advance Premium Tax Credits Could Result in Lost Eligibility
Individuals, who
received advance payments of Premium Tax Credits (PTCs) from the Marketplace,
must file Form 1040 and attach a Form 8962 [Premium Tax Credit (PTC)] reconciling the advance
PTC received to the actual PTC even if not otherwise required to file. In a
recent "Update on Health Care and the 2014 Tax Season" report,
federal officials indicate, in addition to taxpayers who have yet to file, more
than 760,000 households filed their 2014 individual returns without the
required Form 8962 reconciling the advance
payments. The officials note that there is still time to act, but taxpayers who
do not file a return and reconcile the PTCs received last year will not be
eligible for PTCs when they renew coverage for 2016. A fact sheet is available
at www.cms.gov/Newsroom/MediaReleaseDatabase/Fact-sheets/2015-Fact-sheets-items/2015-07-17.html
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