IRS Instructions 8962 2018 free printable template

You also can visit IRS.gov and enter premium tax credit in the search box. Also see How To Avoid Common Mistakes in Completing Form 8962 at the end of these instructions. The HCTC and the PTC are different tax credits that have different eligibility rules. If you think you may be eligible for the HCTC see Form 8885 and its instructions or visit IRS.gov/HCTC before completing Form 8962. These additional schedules will be used as needed to complete more complex tax returns. References to Form...

How to fill out IRS Instructions 8962

How to fill out IRS Instructions 8962

1. Gather your tax documents, including your Form 1095-A, Health Insurance Marketplace Statement.
2. Open the IRS Instructions for Form 8962 and review the sections to understand eligibility requirements for the Premium Tax Credit.
3. Complete Part I of Form 8962 by entering the required personal information such as your name and Social Security number.
4. In Part II, input the information from Form 1095-A. List the monthly premium amounts and the monthly premium tax credit amounts for each month of coverage.
5. Calculate your annual premium tax credit based on your expected annual income and the federal poverty line guidelines in Part III.
6. Complete the reconciliation section in Part IV to compare the total premium tax credit you are entitled to with the advance payments of premium tax credits you received.
7. If required, attach Form 8962 to your Form 1040 when filing your return.

Who needs IRS Instructions 8962?

1. Individuals and families who received advance premium tax credits to help pay for health insurance coverage through the Health Insurance Marketplace.
2. Taxpayers who need to reconcile their premium tax credit from the previous tax year.
3. People who are filing their federal income tax return and need to calculate their eligibility for the premium tax credit.

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 (PTC) and reconcile it with advance payments of the credit made on behalf of taxpayers who received health insurance through the Health Insurance Marketplace.

Who is required to file IRS Instructions 8962?

Taxpayers who received premium tax credits to lower their health insurance costs through the Health Insurance Marketplace must file Form 8962 to reconcile these credits with their actual income for the tax year.

How to fill out IRS Instructions 8962?

To fill out Form 8962, taxpayers need to obtain their Form 1095-A, which provides information about their health insurance coverage, and follow the step-by-step instructions provided in the IRS Instructions 8962 to report their household income and determine the PTC.

What is the purpose of IRS Instructions 8962?

The purpose of IRS Instructions 8962 is to help taxpayers accurately determine and report their entitlement to the Premium Tax Credit and ensure proper reconciliation with any advance payments received.

What information must be reported on IRS Instructions 8962?

Taxpayers must report their total household income, the size of their household, the amount of the premium tax credit received in advance, and details from Form 1095-A about their health insurance coverage.