Form 8962 - Excess Advance Premium Tax Credit Repayment

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 line 29 of Schedule 1 (Form 1040).

Per the IRS instructions for Form 8962, p. 15:

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.

The instructions for calculating the self-employed health insurance deduction are explained in IRS Publication 974 Premium Tax Credit (PTC), starting on page 56. To review the worksheets in TaxAct that reflect those calculations, see the navigation instructions below. 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: 

  1. From within your TaxAct Online return, click Print Center in the left column.
  2. Click Custom
  3. Click the checkbox to the left of the item in the bottom section Federal Form 8962 - [taxpayer name]. You may need to scroll down in the section to locate the item. 
  4. Click Print and then click the PDF link. Click the printer icon or the save icon (available when you hover your mouse over the bottom of the PDF form) to print or save the PDF copy.

Note: If you see a message indicating you have not paid your return fees, click the View/Pay link, which will direct you through the Paper Filing steps. Continue through the screens until you have processed the payment for your product fees and then repeat the steps to print.

  1. Start your TaxAct Desktop program
  2. Click the Forms button in the top left corner
  3. Expand the Federal folder and then expand the Worksheets folder
  4. 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
  5. Double click the form listed under that folder and click the pink Printer icon above the form on the right side of your screen