IRS 8962 2019 free printable template

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...

How to fill out IRS 8962

How to fill out IRS 8962

1. Obtain IRS Form 8962 from the IRS website or your tax preparation software.
2. Fill in your personal information including name, Social Security number, and tax year.
3. Check the box at the top of the form to indicate if you are claiming a premium tax credit.
4. In Part I, provide the information from your Form 1095-A to report the amount of premium assistance you received.
5. In Part II, calculate your premium tax credit based on your household income and size, as well as the amount of coverage you are eligible for.
6. Complete Part III if you had coverage for only part of the year or if you are reconciling your advance premium tax credit.
7. Review the form for any errors and ensure all calculations are accurate.
8. Attach Form 8962 to your Form 1040 when filing your tax return.

Who needs IRS 8962?

1. Individuals or families who received premium tax credits through the Health Insurance Marketplace.
2. Taxpayers who need to reconcile the premium tax credit amount they received with their actual eligibility based on their final income and household size.

• Who needs an IRS form 8962?
• What is the purpose of the IRS form 8962?
• What documents must accompany the IRS 8962 form?
• When is the IRS 8962 form due?
• • What information should be provided in the IRS 8962 form?
  • What should I do with the form after its completion?

Who needs an IRS form 8962?

The Premium Tax Credit form is used by the taxpayers to figure out the amount of their premium tax credit (PTC). This refundable credit helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace. The eligible individuals for a credit are listed in instructions to the IRS form 8962.

What is the purpose of the IRS form 8962?

The main purpose of the form is to calculate the amount of premium tax credit and include it to the tax return. That is why the form must be attached to the individual tax return form.

What documents must accompany the IRS 8962 form?

This form must be attached to forms 1040, 1040A or 1040NR. While completing the form, the taxpayer will need the 1095-A form, Health Insurance Marketplace Statement.

When is the IRS 8962 form due?

The Premium Tax Credit must be filed with the IRS together with the individual tax return forms. The estimated time for completing the form is sixty minutes.

What information should be provided in the IRS 8962 form?

The taxpayer has to indicate the following information:

• Name of the taxpayer

• Social Security Number

• Annual and monthly contribution amount

• Premium tax credit claim and reconciliation of advance payment of premium tax credit

• Repayment of excess advance payment of the premium tax credit

• Allocation of policy amounts

• Alternative calculation for year of marriage

What should I do with the form after its completion?

The completed form together with individual tax returns is forwarded to the local IRS office or filed electronically.

Instructions and Help about IRS 8962

Form 8962 or the premium tax credit is used to calculate the amount of premium tax credit you're eligible to claim if you paid premiums for health insurance purchased through the health insurance marketplace claiming the premium tax credit may reduce your tax liability for the calendar year make sure to only use secure channels to fill out and submit your form you can either download your copy from the IRS website or get the current revision of form 8962 that you can edit sign and submit electronically at pdffiller.com form 8962 is a two-page form split into five parts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income and household income in line one enter the number of exemptions indicated in form 1040 or form 1040a use lines 2a and 2b to provide your modified AGI enter your household income in line 3 by adding the amounts stated in lines 2a and 2b select the appropriate choice and enter the value in line 4. To make the calculations needed to complete lines 5 through 8 see the IRS instructions for form 8962 in part 2 you will need to reconcile your advanced premium tax credit received with monthly premium amounts select the appropriate option in lines 9 and 10. In line 11 fill the annual totals in the table in lines 12 through 23 fill out the monthly amounts under each column indicate the total tax premium credit on line 24 and the advanced payment of PTC on line 25. Follow the instructions to calculate the net premium tax credit and indicated in line 26. In part 3 you will need to calculate any excess advanced payment of PTC based on the information you provided in part two in line 27 enter the excess advanced payment of pt center the repayment limitation in line 28 use line 29 to provide the excess advance premium tax credit repayment in part four you will need to allocate policy amounts part five is used for alternative calculations for years married use IRS form 1095-a to complete each section of the form as well as your form 1040 which shows your modified adjusted gross income once all the fields are completed and checked off you can save the resulting document to your device print it out or email it to your recipient in one click good luck and don't forget to submit your form 8962 before the due date established by the IRS.

What is form 8962?

Form 8962 is used to estimate the amount of premium tax credit for which you're eligible if you're insured through the Marketplace. You only need to complete Form 8962 if you received advance payments of premium tax credits for health insurance premiums paid.

People Also Ask about

What is ACA tax form 8962?

Form 8962, Premium Tax Credit If you had Marketplace insurance and used premium tax credits to lower your monthly payment, you must file this health insurance tax form with your federal income tax return. You'll use this form to “reconcile” — to find out if you used more or less premium tax credit than you qualify for.

What is form 8962 for?

Form 8962 is a form you must file with your federal income tax return for a year if you received an advanced premium tax credit through the Marketplace during that year.

Do I need a form 8962 for 1095-A?

You will need Form 1095-A to complete Form 8962. The Marketplace uses Form 1095-A to report certain information to the IRS about individuals who enrolled in a qualified health plan through the Marketplace.

Why is the IRS asking me for form 8962?

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).

How do I fill out a 1095 A with 8962?

0:29 2:30 How to Fill Out an 8962 Tax Form? - YouTube YouTube Start of suggested clip End of suggested clip Parts start by filling out your name and social security number proceed to part one to indicate yourMoreParts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income.

How to fill out 8962 for dummies?

0:29 2:30 Parts start by filling out your name and social security number proceed to part one to indicate yourMoreParts start by filling out your name and social security number proceed to part one to indicate your annual and monthly contribution amounts using your family size modified adjusted gross income.

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What is IRS 8962?

IRS Form 8962 is a form used to calculate the Premium Tax Credit (PTC) for individuals and families who purchased health insurance through the Health Insurance Marketplace, as well as to reconcile any advance payments of the Premium Tax Credit.

Who is required to file IRS 8962?

Individuals and families who received advance payments of the Premium Tax Credit to help pay for their health insurance coverage are required to file IRS Form 8962. Additionally, those who are claiming the Premium Tax Credit for the first time must also file this form.

How to fill out IRS 8962?

To fill out IRS Form 8962, individuals must provide information such as their annual household income, the amount of Premium Tax Credit they were eligible for, and the amount of Advance Premium Tax Credit they received. This information is used to calculate the actual Premium Tax Credit and reconcile any differences.

What is the purpose of IRS 8962?

The purpose of IRS Form 8962 is to determine the amount of Premium Tax Credit that an individual or family is eligible for based on their income and to reconcile any advance payments made during the year against the actual credit amount.

What information must be reported on IRS 8962?

IRS Form 8962 requires reporting information such as the taxpayer's filing status, household size, annual modified adjusted gross income (MAGI), the Premium Tax Credit amount they qualify for, and the Advance Premium Tax Credit they received, along with information from Form 1095-A regarding their health insurance coverage.