For those who received an advance payment for the Premium Tax Credit, yet have extended their 2015 tax return filing or don’t file at all, there’s something you should know. The IRS has recently distributed notices informing taxpayers that if they don’t file their returns, their future eligibility for an advance payment of the PTC could be in jeopardy.
Two notices have been mailed and taxpayers will receive one or the other. Letter 5858 is for those who don’t typically file their taxes. When the letter arrives, carefully review it, making sure that all information is correct, including that you obtained your health care from the Health Insurance Marketplace.
File Form 1095-A from your Marketplace along with Form 8962, the Premium Tax Credit form as soon as possible. Regardless of your previous tax filing history, file these forms ASAP to ensure your future advance payment PTC eligibility. If you’ve already done so, disregard Letter 5858.
Letter 5862 is similar, though sent to those who have extended their tax filings to October 17, 2016. Once again, carefully review the letter and all pertinent information. Complete Form 8962 with the information from Form 1095-A and file as soon as possible. Even though your tax filing extension isn’t until October, file these forms immediately as to not disrupt future advance payments. If you’ve already done so, disregard Letter 5862.
It’s certainly a race to beat the clock, but for the sake of future eligibility, file these forms as soon as possible. For more information, check out the IRS website.
