How Long Does IRS Take To Process Form 8962 & 1095-A After Faxing For Premium Tax Credit Reconciliation?
I just faxed in my Form 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance Marketplace Statement) that the IRS requested for marketplace insurance verification. According to their notice, these forms are required because advance payments were made for my health care coverage through the Marketplace, and I need to reconcile these advance credit payments with the amount I'm allowed for the year. The IRS letter I received states: "According to our records, advance payments were made for health care coverage through the Marketplace for you or someone listed on your tax return. In this case, you must use Form 8962, Premium Tax Credit, to reconcile the advance credit payments with the amount you are allowed for the year." The notice also mentioned "You should have received a Form 1095-A, Health Insurance Marketplace Statement, from the Health Insurance Marketplace. Use Form 1095-A and Form 8962 instructions to help you complete Form 8962. If you didn't receive a Form 1095-A, visit HealthCare.gov or your state Marketplace website." The IRS specifically requested that I "Send us the following documents: - A completed Form 8962 - A copy of your Form 1095-A" The letter warned that "If you don't reconcile, you won't be eligible for the premium tax credit or cost-sharing reductions for Marketplace health insurance coverage in future years. You may also be required..." to do something else, but that part was cut off in the letter. I've sent everything they asked for - both the completed Form 8962 and a copy of my Form 1095-A that I received from the Health Insurance Marketplace. Anyone know how long the IRS typically takes to reprocess after receiving these docs? Getting anxious about my refund being held up. If anyone needs help finding these forms, you can call 800-TAX-FORM (800-829-3676), or if you're missing your Form 1095-A, you can visit your state Marketplace website.
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Leeann Blackstein
The IRS notice confirms advance payments were made through the Marketplace for health care coverage and requires two key documents for reconciliation: Form 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance Marketplace Statement). The reconciliation process is critical because: - It verifies whether the advance premium tax credits you received match what you were actually eligible for based on your income - Without completing this reconciliation, you'll lose eligibility for both premium tax credits and cost-sharing reductions for future Marketplace coverage - The IRS may require repayment if you received excess advance payments Key action items from the notice: 1. Submit a completed Form 8962 to calculate your final premium tax credit amount 2. Include a copy of Form 1095-A, which shows your enrollment information and monthly premium amounts 3. If you're missing Form 1095-A, you can obtain it from your state Marketplace website Resources provided: - IRS forms/publications: 800-TAX-FORM (800-829-3676) - State Marketplace website for Form 1095-A retrieval This verification is an annual requirement for anyone who received advance premium tax credits through the Marketplace, ensuring proper subsidization of health insurance costs.
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Ryder Greene
•6-8 weeks?! 😩 thats crazy long just to verify some paperwork
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Leeann Blackstein
•Yeah, unfortunately thats standard IRS processing time these days. They're still catching up from covid backlogs
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Carmella Fromis
Hey guys, I've been seeing alot of these marketplace insurance verification posts lately. Instead of waiting and guessing, I started using taxr.ai to analyze my transcripts. It costs $1 but totally worth it - tells you exactly whats holding up your refund and estimated processing times. Check it out: https://taxr.ai
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Theodore Nelson
•Sounds interesting. How exactly does it work? Does it just read your transcript or does it do more?
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Carmella Fromis
•It does way more than just read transcripts! It analyzes all your codes, explains what they mean, and gives you specific timeline predictions based on your situation. Its like having a tax pro in your pocket 24/7
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Theodore Nelson
•Just tried it and WOW 🤯 This is actually incredible! Way better than trying to decode these notices myself
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AaliyahAli
i faxed mine in 3 weeks ago.still nothing showing up on transcripts smh
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Ellie Simpson
•same boat fam, going on 4 weeks here 🙃
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Arjun Kurti
Pro tip: make sure u keep the fax confirmation page! IRS loves to say they never got stuff
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Raúl Mora
mine took exactly 9 weeks last year. the wait is brutal ngl
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Liv Park
•ugh thanks for the heads up. guess ill just have to be patient 😮💨
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Margot Quinn
anyone else having trouble even getting through on the fax line? been trying for days
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Evelyn Kim
•Try faxing early morning or late night. Less traffic those times
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Margot Quinn
•thx for the tip! will try tonight
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Brandon Parker
Just went through this same process last month! After faxing my 8962 and 1095-A, it took about 7 weeks for the IRS to update my account transcript. You'll see a "971 Notice Issued" code first, then hopefully a "846 Refund Issued" code once they finish processing. The key is checking your transcript weekly on the IRS website - that's where you'll see movement before any letters arrive. Hang in there, the wait is frustrating but they will eventually get to it!
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Isabella Costa
•Thanks for sharing your timeline! 7 weeks is actually not too bad compared to some of the other wait times people are mentioning. I'll definitely start checking my transcript weekly - didn't know about those specific codes to look for. Really helpful to know what to expect!
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Lydia Santiago
I went through this exact same situation last year! The IRS processing time for Form 8962 and 1095-A verification can vary quite a bit, but from my experience and what I've seen others report, you're looking at anywhere from 6-12 weeks typically. A few things that might help while you wait: - Check your IRS account transcript online weekly for updates (look for codes 971 or 846 like Brandon mentioned) - Make sure you have that fax confirmation saved - the IRS sometimes claims they didn't receive documents - If you haven't already, create an account on IRS.gov to monitor your case status The marketplace reconciliation is super important since without it, you'll lose eligibility for future premium tax credits. The good news is that once they process your forms, they usually release any held refund pretty quickly. I know the wait is stressful, but hang in there - they will get to it eventually!
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Anastasia Kozlov
•This is really helpful, thanks! I'm new to dealing with marketplace tax credits and had no idea about losing future eligibility if you don't reconcile properly. That's actually pretty scary! I'll definitely start checking my transcript weekly like you suggested. Quick question - when you say "codes 971 or 846", where exactly do those show up on the transcript? Is it obvious or do I need to look somewhere specific?
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Joshua Wood
•Those codes show up in the "Transaction Code" column on your Account Transcript. Code 971 means "Notice Issued" (usually when they're requesting more info or processing your case), and 846 means "Refund Issued" (the good one you want to see!). When you log into IRS.gov and view your transcript, look for the most recent tax year - the codes will be listed chronologically. You might also see code 570 which means "Additional Account Action Pending" - that's common when they're reviewing your marketplace docs. The transcript can look confusing at first but those transaction codes are key indicators of what's happening with your case!
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