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Get the free Quarterly Premium Tax Report - delawareinsurance

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This document is a Quarterly Premium Tax Report for Surplus Lines Brokers to report insurance contracts to the Delaware Insurance Department.
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How to fill out quarterly premium tax report

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How to fill out Quarterly Premium Tax Report

01
Gather all necessary financial data for the quarter, including premium income and any applicable taxes.
02
Log in to the tax reporting portal or retrieve the Quarterly Premium Tax Report form.
03
Fill in your business details, such as name, address, and tax identification number.
04
Provide the total premium income for the quarter in the designated field.
05
Calculate the premium tax owed based on the applicable tax rate and insert this figure.
06
Include any adjustments or credits that may apply to your business.
07
Review all entries for accuracy and completeness.
08
Submit the form electronically or print it out for mailing, ensuring it is sent before the deadline.

Who needs Quarterly Premium Tax Report?

01
Insurance carriers and providers who collect premiums from policyholders.
02
Businesses that are subject to state or federal regulations related to premium taxation.
03
Companies seeking to maintain compliance with local tax laws.
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People Also Ask about

You'll need to use Tax Form 8962 to determine your eligibility for the PTC. If you use more of the PTC than your final taxable income allows, you may need to repay the difference when you file your taxes, but if you use less than you qualify for, you may receive the difference as a refundable credit on your return.
Calculation of the Federal Advance Premium Tax Credit The APTC equals the difference between (1) the cost of the “second-lowest cost silver plan” available to you (based on your age, family size, and county of residence) and (2) the maximum amount you are expected to pay towards your health insurance premiums.
IRS Form 1095-B If you are filing taxes for an individual mandate state and do not have a copy of your 1095B, you may download one immediately from your member website or request one by calling the number on your ID card or other member materials.
If APTC was paid for you or an individual in your tax family, you must file Form 8962 to reconcile (compare) this APTC with your PTC. If the APTC is more than your PTC, you have excess APTC and you must repay the excess, subject to certain limitations.
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.
Filling out Form 8962: A Step-by-Step Guide Step 1: Gather the necessary documents. Step 2: Complete Part I - Annual and Monthly Contribution Amount. Step 3: Calculate the premium tax credit in Part II. Step 4: Compare advance credit payments. Step 5: Complete Parts IV and V. Step 6: Double-check and submit.
Why did I get a letter from the IRS asking for more information and a copy of my 1095-A? You do not have to send your Form 1095-A to the IRS with your tax return when you file and claim the premium tax credit. However, using the information on your Form 1095-A you must complete and file Form 8962, Premium Tax Credit.
Most people only have to pay back a portion of the extra because of limits on payback If you over-estimated your income in advance and got less premium tax credits than you deserved, then you get the extra amount that you are owed.

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The Quarterly Premium Tax Report is a document that insurance companies in certain jurisdictions must submit quarterly to report the written premiums they have collected and the corresponding taxes owed.
Insurance companies and other entities that collect premiums for insurance policies are typically required to file the Quarterly Premium Tax Report.
To fill out the Quarterly Premium Tax Report, insurers must enter the total written premiums, calculate the applicable taxes, and provide required information such as the company name, date, and any additional state-specific information.
The purpose of the Quarterly Premium Tax Report is to ensure compliance with tax obligations related to insurance premiums and to provide regulatory authorities with data for oversight of the insurance industry.
Information that must be reported includes the total premiums written, taxes owed, company identification information, and any other data as required by state regulations.
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