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Recent Tax Updates

Reminder: Include Form 8962 (Premium Tax Credit) with Your Federal Return if You Received a Health Insurance Subsidy

Image: A person sitting at a desk, surrounded by paperwork and a laptop, while holding a premium tax credit

As a friendly reminder, if you received an advance premium tax credit (subsidy) to assist with your health insurance payments from an Exchange, it’s crucial to complete and include Form 8962 (Premium Tax Credit) with your federal return. Similar to last year, the IRS is rejecting electronically filed returns that lack Form 8962 when a subsidy was received. The return will not be accepted until Form 8962, including the reconciliation of the advance premium tax credit, is included.

For paper filings, if Form 8962 is omitted when required, the IRS will send a notice (Letter 12C) requesting the missing form, causing a delay in processing the return.

The necessary information to complete Form 8962, such as the amount of subsidy received, can be found on Form 1095-A (Health Insurance Marketplace Statement). Individuals who obtained insurance through an Exchange should have received Form 1095-A.

For additional guidance, please refer to the following resources on the IRS website:

CrossLink Professional Tax Solutions

CrossLink is the industry’s leading professional tax software solution for high-volume tax businesses. Built based on the needs of busy tax offices and mobile tax preparers that specialize in providing their taxpayer clients with fast and accurate tax returns, CrossLink has been a trusted software solution since 1989. CrossLink’s in-depth tax calculations, advanced technological features, and paperless solutions allow you to prepare the most complicated tax returns with confidence and ease while providing your customers with an unparalleled experience.

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.

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