WHAT IS ADVANCE PREMIUM TAX CREDITALSO HOW IS IT REPAID

The Advance Premium Tax Credit (APTC) is a tax credit you can take in advance to lower your monthly health insurance payments (premiums). 

• When you apply for coverage through the Health Insurance Marketplace, you estimate your expected income for the year. 
• If you qualify, you can use the credit to reduce your premiums or 
• You can claim the credit in full for the year with your tax return.

Repayment Process: At the end of the year, you must reconcile the advance payments with your actual income. 

• If you received more credit than you were eligible for, you will need to repay the excess when you file your federal tax return using Form 8962.
• If you received less, you will get the difference back.

How to Process in TurboTax:

• You should receive a Form 1095-A by mid-February if you purchased health insurance through Healthcare.gov or your state's health insurance marketplace.
• You need to enter the information from 1095-A into TurboTax, as you won't be able to file Form 8962 and accurately report the Premium Tax Credit without it.
• You can enter more than one 1095-A in TurboTax if members of your household received individual forms, or if you received more than one.
• For more information, see What is the Premium Tax Credit (PTC) and What is Tax Form 8962?

Here's how to enter your 1095-A in TurboTax:

1. Open or continue your return.
2. Navigate to the 1095-A section:
   • TurboTax Online/Mobile: Go to 1095-A or go to magnifying glass at top right and search for 1095-A, then select the Jump to link.
   • TurboTax Desktop: Search for 1095-A, then select the Jump to link.
3. Answer Yes and enter your 1095-A info on the next screen.
   • We don't need all the info from your 1095-A. We'll only ask about the info that affects your return.
4. Proceed through the questions for TurboTax to generate Form 8962 to report the Premium Tax Credit.