Cat. No. 37784Z Form 8962 2018 Page Allocation of Policy Amounts Complete the following information for up to four policy amount allocations. Form OMB No. 1545-0074 Premium Tax Credit PTC Department of the Treasury Internal Revenue Service Name shown on your return Attach to Form 1040 or Form 1040NR. Go to www.irs.gov/Form8962 for instructions and the latest information. Attachment Sequence No. 73 Your social security number You cannot take the PTC if your filing status is married filing...separately unless you qualify for an exception see instructions. If you qualify check the box Part I 2a b. Annual and Monthly Contribution Amount Tax family size. Enter your tax family size see instructions. Modified AGI. Enter your modified AGI see instructions. Enter the total of your dependents modified AGI see instructions. Household income. Add the amounts on lines 2a and 2b see instructions. 2b Federal poverty line. Enter the federal poverty line amount from Table 1-1 1-2 or 1-3 see...instructions. Check the appropriate box for the federal poverty table used* a Alaska Hawaii c Other 48 states and DC. Did you enter 401 on line 5 See instructions if you entered less than 100. No* Continue to line 7. Yes. You are not eligible to take the PTC. If advance payment of the PTC was made see the instructions for how to report your excess advance PTC repayment amount. Applicable Figure. Using your line 5 percentage locate your applicable figure on the table in the instructions 8a Annual...contribution amount. Multiply line 3 by line 7. Round to nearest whole dollar amount b Monthly contribution amount. Divide line 8a by 12. Round to nearest whole dollar amount 8b Are you allocating policy amounts with another taxpayer or do you want to use the alternative calculation for year of marriage see instructions Yes. Skip to Part IV Allocation of Policy Amounts or Part V Alternative Calculation for Year of Marriage. See the instructions to determine if you can use line 11 or must...complete lines 12 through 23. Yes. Continue to line 11. Compute your annual PTC. Then skip lines 12 23 and continue to line 24. your monthly PTC and continue to line 24. Annual Calculation a Annual enrollment premiums Form s 1095-A line 33A b Annual applicable SLCSP premium Form s 1095-A line 33B d Annual maximum premium assistance subtract c from b if zero or less enter -0- contribution amount line 8a e Annual premium tax f Annual advance credit allowed payment of PTC Form s smaller of a or d...Annual Totals Monthly a Monthly enrollment b Monthly applicable 1095-A lines 21 32 Form s 1095-A lines column A 21 32 column B amount from line 8b or alternative marriage monthly calculation d Monthly maximum f Monthly advance e Monthly premium tax January February March April May June July August September October November December Total premium tax credit. Enter the amount from line 11 e or add lines 12 e through 23 e and enter the total here Advance payment of PTC. Enter the amount from line...11 f or add lines 12 f through 23 f and enter the total here Net premium tax credit.
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Instructions and Help about IRS 8962
How to edit IRS 8962
How to fill out IRS 8962
Instructions and Help about IRS 8962
How to edit IRS 8962
To edit IRS Form 8962, you will need access to a digital version of the form. Using pdfFiller, you can easily modify the form fields as necessary. After making your changes, ensure to save the updated version for your records.
How to fill out IRS 8962
Filling out IRS Form 8962 involves several specific steps. First, gather all necessary information, including your personal details, tax information, and insurance coverage. Then, follow these steps:
01
Visit the official IRS website to download the form or access it via pdfFiller.
02
Complete the personal information section with your name and Social Security number.
03
Report your annual household income as required by the form.
04
Calculate your premium tax credit based on your health coverage costs.
05
Review the form for accuracy before submission.
About IRS 8962 previous version
What is IRS 8962?
IRS Form 8962, also known as the Premium Tax Credit (PTC) form, is used by taxpayers to calculate their eligibility for the premium tax credit, which helps reduce healthcare insurance costs under the Affordable Care Act. This form determines whether taxpayers qualify based on their income and family size.
Who needs the form?
Taxpayers who received premium tax credits through the Health Insurance Marketplace need to file IRS Form 8962. This includes individuals who purchased health insurance after being deemed eligible for federal subsidies based on their income and family size.
Components of the form
IRS Form 8962 comprises several sections: personal information, a summary of premium tax credits, and calculations for determining the allowable credit. Each section must be carefully filled to accurately represent your tax situation and health coverage.
What information do you need when you file the form?
When filing IRS Form 8962, gather the following information:
01
Your annual household income and family size.
02
The premium amounts for insurance obtained through the Marketplace.
03
Information from Form 1095-A, Health Insurance Marketplace Statement, which provides details on your coverage.
04
Your filing status as claimed on your tax return.
Where do I send the form?
IRS Form 8962 should be attached to your tax return when filing. Depending on your state and the method of filing (paper or electronic), send your completed return to the address specified in the IRS instructions for your form. For electronic filings, Form 8962 is submitted automatically along with your tax return through the e-filing process.
What is the purpose of this form?
The purpose of IRS Form 8962 is to allow individuals and families to reconcile the amount of premium tax credit they may qualify for based on their projected income and actual enrollment in qualifying health plans. It ensures that taxpayers either receive the correct credit or repay any excess credit received during the tax year.
When am I exempt from filling out this form?
You may be exempt from filing IRS Form 8962 if you did not receive a premium tax credit during the tax year or if you had coverage that did not require the submission of this form, such as non-Marketplace insurance plans. Certain low-income filers may also qualify for exemptions.
What are the penalties for not issuing the form?
Failing to file IRS Form 8962 when required can result in penalties, including the loss of tax credits and potential fines from the IRS. Taxpayers should ensure the form is submitted timely to avoid complications with their tax return.
Is the form accompanied by other forms?
IRS Form 8962 is typically submitted with your annual tax return, which may include forms such as the 1040 or 1040-SR. Form 1095-A must also be included to show your enrollment in a Marketplace health plan.
FAQ about IRS 8962
What should I do if I realize I made an error on my filed IRS 8962?
If you discover a mistake on your filed IRS 8962, you should correct it by submitting an amended return using Form 1040-X. Be sure to indicate the changes clearly and include an explanation for your corrections. This ensures that the IRS updates your records accurately.
How can I check the status of my IRS 8962 submission?
To verify the status of your IRS 8962 submission, you can use the IRS 'Where's My Refund?' tool if you filed your return electronically. For paper filings, you may need to wait longer, but calling the IRS can also provide you with updates regarding your return status.
What should I do if my IRS 8962 submission gets rejected?
If your IRS 8962 submission is rejected, closely examine the rejection notice for specific error codes and follow the instructions provided. You may need to correct any identified issues and resubmit your form electronically or by mail to ensure compliance.
Can I use e-signatures when submitting my IRS 8962 online?
Yes, you can use e-signatures when electronically filing your IRS 8962. Most tax software programs support e-signature functionality, ensuring that your submission is both legal and valid as per IRS guidelines.
What are common mistakes to avoid when filing the IRS 8962?
Common mistakes when filing the IRS 8962 include incorrect personal information, mismatches in premium tax credit calculations, and failing to report all necessary health coverage months. It's crucial to double-check your entries against your healthcare documents before submitting.
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