IRS Instructions 8962 2015 free printable template

Taxpayers divorced or legally separated in 2015 or Allocation Situation 4. Other situations where a policy is shared between two tax families. -5- Line 2a Note. If the amount on line 5 of Worksheet 1-2 above is less than zero see the instructions for Line 3 next before you enter an amount on Form 8962 line 3. Examples of changes in circumstances that may affect your Read the following instructions to determine whether you should check the Yes box or No box and then proceed as directed. If you...

How to fill out IRS Instructions 8962

How to fill out IRS Instructions 8962

1. Obtain IRS Form 8962 from the IRS website or your tax preparation software.
2. Gather necessary documents such as Form 1095-A, which provides information about your health insurance coverage.
3. Fill out Part I of Form 8962, entering the required information from Form 1095-A, including the policy number and covered individuals.
4. Complete Part II to calculate your Premium Tax Credit based on your Modified Adjusted Gross Income (MAGI) and family size.
5. Complete Part III if you are reconciling advance payments of the Premium Tax Credit (APTC).
6. Double-check all entries for accuracy before submitting.
7. Attach Form 8962 to your federal income tax return (Form 1040) when filing.

Who needs IRS Instructions 8962?

1. Individuals or families who received advance payments of the Premium Tax Credit (APTC) for health coverage through the Health Insurance Marketplace.
2. Taxpayers who are filing their tax returns and need to calculate their final Premium Tax Credit based on their actual income for the year.
3. Anyone who is required to reconcile their APTC with their actual premium tax credit for the tax year.

Instructions and Help about IRS Instructions 8962

Hi this is Evan Hutches on, and I'm going to go over the basic 1040 tax return I will just kind of go over a grand overview of these two pages of this 1040 I'm not going to go over the other schedules and forms this is the form that everything flows into so no matter what you're going to have to file a Form 1040 if you're filing US income tax return you might not have to file any more schedules or forms but everything that you do file flows into this form right here, so it's two pages long as I said this is kind of what it looks like and the final numbers are right here you're either going to get a refund or you're going to owe and that's what all this is about so if we start at the top we'll put your name John Doe and your social right here John Doe does not have a spouse he located at one Two three Main Street he has no dependents if you had a spouse oh go right here if you had dependent ill we go right here and that would increase his exemptions, so it's just him, so it says one personal exemption, and we'll get to that in just a second the next portion of the return is the income portion now there are many kinds of income that needs to be reported on your income tax return one of the main ones and one of the ones that most a lot of people are only familiar with or is the w2 income some people just get a w-2, and they're used to just filing it and getting a refund because usually there's enough federal income tax being withheld to cover their wages now if you have a w-2 Box one would go right here and your federal income tax withholding, so I think it's box three would go down here on page two federal income tax withheld from forms w2 right here then you have taxable interest tax-exempt interest some interest is not taxable by the federal government if it's not taxable it would go in line 8 B if it is taxable or whether is taxable actually it'll go on a day but if it is, I'm sorry if it is taxable to go on a day if it's not taxable to go on 8 B same thing with dividends you have to pay taxes on the dividends that you earn if you have qualified dividends they get a preferential tax rate of either 0 percent or 15 percent depending on your normal tax rate your qualified dividends would go right there on line 9 B, but they would also go on line 9 a some other sources I'll just kind of hit the main ones to my knowledge at least the ones that I run into the most alimony received if you get alimony it is taxable if you pay out alimony its text deductible so if you pay it out it, you could put it right here and of course they're going to want who you pay it to social security number, so they can look at that person's return and make sure they're claiming it is income right here business income would go right here this is if you're a single member LLC or a sole proprietor you would put your earnings and your deductions on Schedule C which flows to this line 12 of the 1040 now if you do have Schedule C income or if you have partnership and come down...

People Also Ask about

What is form 8962 used to calculate?

Purpose of Form Use Form 8962 to figure the amount of your premium tax credit (PTC) and reconcile it with advance payment of the premium tax credit (APTC).

What does the e file database indicates that Form 8962?

IRS implemented this check for taxpayers who received the Premium Tax Credit payments during the year, and must add form 8962 to the return to reconcile the payments received against the credit calculated and either pay back or get an additional refund.

Why is the IRS asking me for form 8962?

When the Health Insurance Marketplace pays advance payments of the premium tax credit on your behalf, you must file Form 8962 to reconcile the advance payments to the actual amount of the Premium Tax Credit that you are eligible for based on your actual household income and family size.

Where do I put 8962 on my 1040?

Enter your excess advance premium tax credit repayment on line 29. Write the smaller of either line 27 or line 28 on line 29, and on your Form 1040 or 1040NR. That's the amount you owe in repayment for getting more than your fair share in advance payment of the PTC.

What is Form 8862?

Taxpayers complete Form 8862 and attach it to their tax return if: Their earned income credit (EIC), child tax credit (CTC)/additional child tax credit (ACTC), credit for other dependents (ODC) or American opportunity credit (AOTC) was reduced or disallowed for any reason other than a math or clerical error.

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What is IRS Instructions 8962?

IRS Instructions 8962 provide guidance on how to complete Form 8962, which is used to calculate the Premium Tax Credit for health insurance purchased through the Health Insurance Marketplace.

Who is required to file IRS Instructions 8962?

Individuals who received premium assistance for health insurance through the Health Insurance Marketplace are required to file Form 8962, especially if they want to claim the Premium Tax Credit or if they received advance payments of the Premium Tax Credit during the year.

How to fill out IRS Instructions 8962?

To fill out IRS Instructions 8962, taxpayers should gather their Form 1095-A, which details their Marketplace coverage, calculate their expected household income and family size, and follow the step-by-step instructions on the form to compute the Premium Tax Credit.

What is the purpose of IRS Instructions 8962?

The purpose of IRS Instructions 8962 is to provide taxpayers with the necessary steps and information to accurately complete Form 8962 in order to reconcile their Premium Tax Credit, ensuring they either receive the correct amount or repay any excess credits received.

What information must be reported on IRS Instructions 8962?

Information that must be reported on IRS Instructions 8962 includes the taxpayer's annual household income, number of household members, any Premium Tax Credit received, and details from Form 1095-A, such as the premium amounts and the second-lowest cost Silver plan.