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Taxpayers Receiving Advance Payment of Premium Tax Credit (PTC) Must File ASAP to Maintain PTC Eligibility

Any taxpayers who haven’t filed a federal tax return but received an advance PTC payment in 2015 are likely see a letter from the Internal Revenue Service very soon. The IRS issued a health care tax tip last week reminding these taxpayers to check their mail. While the letter suggests recipients file within 30 days to secure assistance with Marketplace-provided health insurance in 2017, the IRS is urging them to file as soon as possible. The agency also pointed out that recipients of Letters 5858 and 5862 will also need to submit Form 8962 when filing their federal tax return. Below are some of the specific instructions included in the press release. Here’s what you need to do if you received a 5858:
  • Read your letter carefully.
  • Review the situation to see if you agree with the information in the letter.
  • Use the Form 1095-A that you received from your Marketplace to complete your return. If you need a copy of your Form 1095-A, log in to your HealthCare.gov or state Marketplace account or call your Marketplace call center.
  • File your 2015 tax return with Form 8962 as soon as possible, even if you don’t normally have to file.
  • If you have already filed your 2015 tax return with Form 8962, you can disregard the letter.
Here’s what you need to do if you received a 5862 letter:
  • Read your letter carefully.
  • Review the situation to see if you agree with the information in the letter.
  • Use the Form 1095-A that you received from your Marketplace to complete Form 8962. If you need a copy of your Form 1095-A, log in to your HealthCare.gov or state Marketplace account or call your Marketplace call center.
  • File your 2015 tax return with Form 8962 as soon as possible, even though you have an extension until October 17, 2016, to file.
  • If you have already filed your 2015 tax return with Form 8962, please disregard this letter.

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