Reject Code FY962 070
Reject code FY962 070 is often issued when the taxpayer receives a tax refund or under-withholds taxes. This results from not properly accounting for income that you received during the tax year.
Additionally, this code may be triggered by the taxpayer’s failure to pay their federal income taxes on time. If the taxing authority allows an automatic three-month extension, these situations can be resolved by filing an extension.
The IRS would reject all electronically filed tax returns for 2021 if you failed to file Form 8962. Form 8962 is a unique form that reconciles advance premium tax credit (APTC) payments with the health insurance premium credit. All taxpayers who claim the PTC must file it. If you fail to submit Form 8962, the IRS will reject your return. The correct way to resolve this error is to follow the instructions provided by your software company.
A rejected Form 8962 can be rectified in two ways. First, if you did not include it in your original tax return, the IRS will send you a Letter 12C. This letter informs you that there is missing information, including Form 8962. To rectify the error, you must submit the missing form or submit a new Form 1040-X. The quicker you file, the faster you will receive your refund.
You can also use a different form for the same year. For instance, you may have received an advance premium tax credit during the year, which you paid directly to your health insurance plan provider. Use this form to reconcile the difference between your premium tax credit and advance premium tax credit. The advanced premium tax credit is calculated based on your income for the year. Therefore, if you had paid the premiums out of pocket throughout the year, you will be able to claim PTC at the end of the year.
This issue occurs when you fail to complete the information on your Form 8962. For example, you may have filled in blank lines on your Form 8962. Then, you might have a Form 8962 reject code 070. This error is due to a mismatch between your APTC and your PTC. If you can’t find the proper form 8962, re-create the e-file and attach the appropriate attachment.
The IRS will still correspond with you even if you do not attach your Form 8962. But if you fail to attach the missing form, make sure to review your health insurance records and your Form 1095-A for any missing information. This error rarely causes a return to be rejected. It just delays processing. And if the IRS is unable to process your return because you failed to attach your Form 8962, you will have to refile your return without it.
Form 8962 must be included in a federal or state tax return
Form 8962 must be included in if you are eligible to receive advance premium tax credits through the Health Insurance Marketplace. If you are eligible, you can use this form to calculate the amount of tax credit you are due to receive. However, if you received too much tax credit, you may be obligated to pay the difference. If you are not aware of when and how to file Form 8962, you should consult a tax professional.
The only time that Form 8962 must be included in yearly federal or state tax returns is when someone is eligible for an advance premium tax credit through the Health Insurance Marketplace. However, if you do not receive an APTC, you must file this form anyway. This form helps reconcile the total amount of health costs and premium tax credits that the taxpayer is eligible to receive. For example, if you paid for health insurance through an APTC program and received more money than you spent, you must write a check for the difference.
When you file your tax return, you must also submit Form 8962. You can download a copy of the form from the IRS’ website, but it’s best to file it electronically. Make sure your electronic tax software will also generate Form 8962 so that you don’t have to waste your time filling out multiple forms. In addition, E-filing allows you to submit your tax return in a fraction of the time it would take you to file paper returns.
If you have a shared policy on one return and a separate one, you do not need to enter it on Form 8962. This is only required if you are the primary taxpayer on the other return. If you are not the primary taxpayer, you should also file Form 8962 as a dependent for the other person. This is the most common scenario in which Form 8962 must be included in a federal or state tax return.
If you are eligible for the premium tax credit, you must fill out Form 8962. The modified AGI for you is the amount you had to pay for health insurance premiums in 2014. You must also fill out the worksheet next to line 2b to figure out the combined modified AGI of all the dependents on your return. You do not have to include the modified AGI for dependents who are claiming refunds or estimated tax.
If you are eligible for the advance premium tax credit, you must also fill out Form 8962. You will need to have the relevant form from HealthSource RI to complete the advance premium tax credit. Form 8962 will be used by the Internal Revenue Service to calculate the amount of tax credit that you are eligible to receive. It is important to check with your state tax office for the necessary forms before filing your return.
Explanation to include on a return if Marketplace or state exchange has no record of Ana
If you receive the rejection code F8962-070, you may need to attach an explanation of coverage. You may be claiming coverage that does not exist in the Marketplace’s or state exchange’s records. To attach an explanation, contact a Marketplace representative. He or she will explain how you can find such information. You may be asked to provide the information from a 1095-A. If you cannot, the Marketplace representative will not allow you to attach it.