Under the Tax Cuts and Jobs Act, the individual shared responsibility payment amount is reduced to zero for months beginning after December 31, 2018.
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As of tax year 2019, Forms 1040 and 1040-sr do not have the “Exempt or Full Year Health Care Coverage” box and Form 8965, Health Coverage Exemptions, is no longer used. You don’t need to make a shared responsibility payment or file Form 8965, Health Coverage Exemptions, with your tax return if you don’t have minimum essential coverage for part or all of the year.
You may receive various forms of information that you can use to complete your tax return and which will be kept with your tax records.
the information forms are:
- Form 1095-a, Health Insurance Marketplace Statement
- form 1095-b, health coverage
- form 1095-c, offer and coverage of employer-provided health insurance
- If you have excess aptc for 2020, you are not required to report it on your 2020 tax return or file Form 8962, Premium Tax Credit (ptc).
- If you claim a net premium tax credit (the amount by which your premium tax credit is greater than your aptc) for 2020, you must file Form 8962, Premium Tax Credit (ptc).
- frequently asked questions
- fact sheet
- press release
Fiscal Year 2020: Requirement to repay advance payments in excess of the premium tax credit is suspended
The American Bailout Act of 2021, enacted on March 11, 2021, suspended the requirement to repay advance payments in excess of the premium tax credit (excess aptc) for tax year 2020.
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If you have already filed a 2020 return and reported excess aptc or made an excess aptc refund, you do not need to file an amended return or take any other action.
If you haven’t filed your 2020 tax return, here’s what to do:
For more information, see the tax year 2020 premium tax credit:
for tax years other than 2020, if advance premium tax credit (aptc) payments were made for you or a member of your tax family health insurance coverage through the health insurance marketplace, you must complete the form 8962, premium tax credit (ptc), and attach it to your return. Your tax family consists of each person you claim on your tax return: you, your spouse if you file jointly, and your dependents. You will receive Form 1095-A, Statement from the Health Insurance Marketplace, which gives you information about your health care coverage. you should wait to file your income tax return until you receive that form. use the information from form 1095-a to complete form 8962 to reconcile your aptc with the premium tax credit you are allowed or, if eligible, to claim the premium tax credit on your tax return. For tax years other than 2020, filing your return without reconciling your advance credit payments will delay your refund and may affect future advance credit payments.
Health insurance providers, such as health insurance companies, can send Form 1095-b to the people they cover, with information about who was covered and when. Certain employers will send Form 1095-c to certain employees, with information about what coverage the employer offered.
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The irs has posted questions and answers about forms 1095-b and 1095-c. the questions and answers explain who should expect to receive the forms, how they can be used, and how to submit them with or without the forms.
You should not attach any of these forms to your tax return.
Tax Year 2020: Requirement to repay advance payments in excess of the premium tax credit is suspended and certain unemployment compensation is excluded
Under ARPA, eligible taxpayers could exclude up to $10,200 of unemployment compensation received in 2020 on their 2020 Form 1040, 1040-SR, or 1040-NR. APTC Excess Reimbursement and also reported unemployment compensation that is excludable under ARPA, you do not need to take any action to amend this report. Beginning in July 2021, the IRS reviewed tax returns filed prior to the enactment of ARPA to identify tax returns on which the taxpayer reported both excludable unemployment compensation and excess APT refunds. Taxpayers received letters from the IRS, usually within 30 days of the adjustment, informing them what type of adjustment was made (such as a refund, payment of IRS debt payment, or offset payment of other authorized debts) and the amount of the adjustment. adjustment. For taxpayers who reported both excludable unemployment income and APTC, the adjustment should have covered both items, even though the IRS communication to the taxpayer may have mentioned only unemployment compensation.
However, if, because of excluded unemployment compensation, you are now eligible for deductions or credits that were not claimed on your original return, you must file a US Amended 1040-X form. uu. individual income tax return for tax year 2020. See the 2020 Unemployment Compensation Exclusion FAQ — Topic D: Amended Return (Form 1040-X) for more information.
documentation that people can gather in advance
free filing and e-filing help simplify tax time
Filing a tax return electronically is the easiest way to file a complete and accurate tax return, as it guides you through the process and does all the calculations for you.
Electronic filing options include free volunteer assistance, free irs file, commercial software, and professional assistance.