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This document provides instructions and information for Excess Line Brokers in New York regarding the filing of the Premium Tax Statement for the tax year 2010, which is due on March 15, 2011.
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How to fill out premium tax statement

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How to fill out Premium Tax Statement

01
Gather your tax documents and income information.
02
Obtain Form 1095-A, Health Insurance Marketplace Statement, from your health insurance provider.
03
Using Form 1095-A, identify the monthly premiums, any advance premium tax credits received, and enrollment periods.
04
Complete IRS Form 8962, Premium Tax Credit, ensuring all income and family size details are accurate.
05
Transfer the information from Form 8962 to your main tax return (Form 1040).
06
Review the completed forms for accuracy before submission.
07
File your tax return by the deadline, including Form 8962 and any necessary supporting documents.

Who needs Premium Tax Statement?

01
Individuals and families who obtained health insurance through the Health Insurance Marketplace.
02
Taxpayers who received premium tax credits to lower their health insurance premiums.
03
Those who want to reconcile advanced premium tax credits received during the year.
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Decide how you want to file your taxes. The IRS recommends using tax preparation software to e-file for the easiest and most accurate returns and fastest refunds. You may be able to file free online through IRS Direct File if you are in one of 25 participating states and have a simple tax return.
Premium tax credit (PTC). The credit provides financial assistance to pay the premiums for the qualified health plan offered through a Marketplace by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount. You must file Form 8962 to compute and take the PTC on your tax return.
Form 1095-A Health Insurance Marketplace Statement The form includes the individual's and their dependents' name, the amount of coverage they have, any tax credits they are entitled to and whether they used them to pay for health insurance, and the amount they paid in total for coverage.
Your accountant or financial adviser may provide you with a paper copy of the form or ask you to fill out the form online. If you're using tax preparation software, that software should have a link to an online Form 8962 that you can complete.
Premium tax credit (PTC). The credit provides financial assistance to pay the premiums for the qualified health plan offered through a Marketplace by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount. You must file Form 8962 to compute and take the PTC on your tax return.
Form 8962 helps determine if you owe any additional tax credits or if you'll get a refundable credit. The Internal Revenue Service (IRS) website offers a free download of Form 8962, which you can file electronically or with a paper tax return. Failing to file this form may affect eligibility for future PTCs.
TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A. You have to include Form 8962 with your tax return if: You qualified for the Premium Tax Credit in 2024. You or someone on your tax return received advance payments of the Premium Tax Credit.
The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange.

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The Premium Tax Statement is a form used to report and reconcile premium tax credits that individuals or families may be eligible for under the Affordable Care Act.
Individuals or families who received premium tax credits to help pay for their health insurance coverage through the Health Insurance Marketplace are required to file the Premium Tax Statement.
To fill out the Premium Tax Statement, individuals must provide information about their health coverage, the premium tax credits they received, their household income, and other relevant personal information.
The purpose of the Premium Tax Statement is to ensure that taxpayers accurately report any premium tax credits they received and to determine if they owe any additional tax or are eligible for a refund.
The information that must be reported on the Premium Tax Statement includes the amount of premium tax credits received, the months during which coverage was held, household income, and family size.
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