The amount of excess premium tax credit repayment, calculated on line 29 of Federal Form 8962 Premium Tax Credit (PTC)
, has a different calculation if there was a self-employed health insurance deduction claimed on the return (line 29 of Federal Form 1040). Per the IRS instructions for the limitation calculation on line 28 (page 15 of the 2017 IRS instructions for Form 8962
):If you are self-employed and are claiming the self-employed health insurance deduction, see Self-Employed Health Insurance Deduction and PTC in Pub. 974 for the amount to enter on line 28.
Starting on page 58 of the 2017 IRS Publication 974 Premium Tax Credit (PTC)
are the instructions when a self-employed health insurance deduction is claimed on a return. Below are the instructions to review the worksheets in the program that reflect those calculations. On Worksheet X (as explained in the publication) there is a calculation on line 25 of Part III: Repayment Limitation
that reflects the amount that must be repaid.
To review the worksheets that perform the calculation of the repayment limitation, follow these steps: Online:
- Sign in to your TaxAct Online return
- Click the My Return button in the top right corner
- Click Print Center, then click the Custom tab
- Click the checkbox to the left of the item in the bottom section Federal Form 8962 - [taxpayer name] (scroll down almost to the bottom of that section to locate the item)
- Click the Print button and then click the PDF link. The item will appear in a PDF read-only format. At that time you can click the printer icon on the screen to actually print, or close the window without printing.
- Start your TaxAct Desktop program
- Click the Forms button in the top left corner
- Expand the Federal folder and then expand the Worksheets folder
- Scroll down (almost to the bottom of the list) and click '+' next to the Form - Form 8962 - Premium Tax Credit and Self-Employed Health Insurance Deduction Totals
- Double click the form listed under that folder and click the pink Printer icon above the form on the right side of your screen