TurboTax generating Form 8962 PTC to show Annual Calculation, or Monthly Calculation?

[fh2000]

We are using ACA since 2019 receiving Premium Tax Credit (PTC) and using TurboTax to report Form 1095-A numbers on federal return.

I have just noticed that in some years TurboTax generating Form 8962 showing monthly calculation, and some years it shows annual calculation only.

I can't seem to alter TurboTax question/answer to show the other method, so wonder what is the trigger? IRS seems to accept either, as long as the Total Annual Tax Credit number matches, I guess.

 

[cathy63]

What I do in TTax is enter the numbers from the first row of the form, then go into forms mode (View / Forms menu or press Ctrl+2). That takes me to Form 1095-A, which has a check box that copies the numbers to all the subsequent rows. Then I go back to Interview mode. The form is all filled in and I didn't have to type 33 of the 36 numbers. Doing it this way generates the annual totals row.

If you typed them manually and got monthly totals, then there may be some subtle difference in the rows that the program is detecting. Maybe a space or decimal? Or if there really are different numbers on your form, then the monthly calcs are required.

 

[fh2000]

You are right, Cathy.

In 2021, I missed typing the December row, and it generated monthly calculations. I ended up claiming less Total Premium Tax Credit. I went back and added December row, and TT generated the same Federal tax refund of $12. California tax stays the same as $0 tax.

I wonder if I need to do an amendment or simply wait for IRS send me a letter. The tax for us is very low. Our annual income is $30,000.

 

[cathy63]

If the tax calc did not change when you added the December numbers to your 8962, then there is no need to file an amendment. You probably will not even get a letter from the IRS.

$30K for a couple is way below the filing threshold for California, so the state won't care either.