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Get the free 2016 Form 8962. Premium Tax Credit (PTC)

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Oct 12, 2016 ... 2016. Instructions for Form 8962. Premium Tax Credit (PTC). Department of the Treasury. Internal Revenue Service. Purpose of Form.
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How to fill out 2016 form 8962 premium

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How to fill out 2016 form 8962 premium

01
Gather all necessary documents and information, including your 2016 tax return, Form 1095-A, and any other relevant forms or statements.
02
Download and print the 2016 Form 8962 Premium Tax Credit worksheet from the Internal Revenue Service (IRS) website.
03
Read the instructions thoroughly to understand the eligibility criteria and how to calculate the premium tax credit.
04
Fill out your personal information in Part 1 of the form, including your name, social security number, and tax filing status.
05
Follow the instructions in Part 2 of the form to determine your annual and monthly contribution amounts, based on your household income.
06
Complete Part 3 of the form by entering the monthly enrollment premium for your coverage, as stated in Form 1095-A.
07
Calculate the net premium tax credit by subtracting the monthly contribution amount from the monthly enrollment premium for each coverage month.
08
Enter the total net premium tax credit amount in Part 4 of the form.
09
If applicable, fill out Part 5 to indicate any advance premium tax credit you received previously and reconcile it with the calculated credit.
10
Attach any additional documentation required, such as Form 1095-A or a copy of your tax return, if instructed by the IRS.
11
Check for any errors or omissions before submitting the form. Double-check all calculations and ensure all information is accurate.
12
Sign and date the completed Form 8962.
13
Keep a copy of the filled out form for your records and submit it to the IRS along with your tax return.

Who needs 2016 form 8962 premium?

01
Any taxpayer who received premium tax credit for health insurance bought through the Marketplace in 2016 needs to fill out and file Form 8962.
02
Those who received Form 1095-A, which reports their coverage and any advance premium tax credit received, must also complete Form 8962.
03
Individuals or families who purchased health insurance through the Marketplace and want to reconcile their premium tax credit with their actual income and household information should fill out this form.
04
Form 8962 is essential for individuals who wish to claim the premium tax credit, adjust their credit amount, or determine if they owe any additional taxes.
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Form 8962 Premium Tax Credit is used by taxpayers to reconcile advance payments of the premium tax credit and to claim this credit on their tax return.
Taxpayers who received advance payments of the premium tax credit must file form 8962 with their tax return.
Taxpayers must provide information about their household, income, and health insurance coverage to fill out form 8962.
The purpose of form 8962 is to reconcile advance payments of the premium tax credit and to claim this credit on the taxpayer's tax return.
Information about household size, income, and health insurance coverage must be reported on form 8962.
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