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 8962, you can use a PDF editing tool such as pdfFiller. Upload the form to the platform, make the necessary changes, and then save your updated document. Check for accuracy before finalizing.
How to fill out IRS 8962
Filling out IRS 8962 involves collecting key information regarding your health coverage and premium tax credits. You must provide details about your household income, the number of individuals in your household, and health insurance coverage periods. Follow these steps:
01
Obtain your Form 1095-A from your health insurance provider.
02
Transfer relevant information from the 1095-A to IRS 8962.
03
Calculate your premium tax credit based on provided guidelines.
04
Review all entries for accuracy and completeness.
05
Save the form for submission alongside your tax return.
About IRS 8 previous version
What is IRS 8962?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8962?
IRS 8962 is a tax form used to calculate and reconcile the Premium Tax Credit (PTC) provided under the Affordable Care Act. This form is essential for taxpayers who received health insurance coverage through a Health Insurance Marketplace and wish to claim the credit on their federal tax return.
What is the purpose of this form?
The primary purpose of IRS 8962 is to determine eligibility for the Premium Tax Credit, which helps lower-income individuals and families afford health insurance. It helps taxpayers reconcile the advance payments made on their behalf with the actual credit amount calculated on their tax return.
Who needs the form?
You need IRS 8962 if you enrolled in a health plan through the Health Insurance Marketplace and received advance Premium Tax Credits. This form is required for filing if you or a member of your household received these credits during the tax year in question.
When am I exempt from filling out this form?
You are exempt from filing IRS 8962 if you did not receive Premium Tax Credits, if you had health coverage through employer-provided insurance, Medicare, Medicaid, or any other qualifying plan that does not involve a Marketplace. Additionally, if your income is below the filing threshold, you may not need to file this form.
Components of the form
IRS 8962 consists of several components, including sections where taxpayers must report information from Form 1095-A, calculate the premium tax credit, and reconcile it with any advance payments received. Key parts include household information, adjusted gross income calculations, and credits claimed.
What are the penalties for not issuing the form?
If you are required to file IRS 8962 yet fail to do so, you may face penalties. The IRS may deny your Premium Tax Credit, resulting in a higher tax liability. Additionally, the IRS can impose a penalty for failure to file accurate information regarding the reconciliation of advance premium tax credits.
What information do you need when you file the form?
When filing IRS 8962, you will need several pieces of information, including:
01
Your Form 1095-A to obtain data on health coverage and premium tax credits.
02
Adjusted Gross Income (AGI) from your tax return.
03
The number of individuals in your household who received coverage.
04
Any changes to your income or household size that occurred during the year.
Is the form accompanied by other forms?
IRS 8962 is typically filed along with Form 1040 (your main tax return). Depending on your tax situation, you may also need to file additional forms such as Schedule A or Schedule C if you itemize deductions or report business income.
Where do I send the form?
The completed IRS 8962 should be included with your Form 1040 submission. Depending on your filing method (online or by mail), there are different submission addresses. If filing by mail, refer to the instruction booklet for the appropriate address based on your state of residence.
FAQ about IRS 8962
How can I correct an error after filing the IRS 8962?
If you find an error after submitting your IRS 8962, you need to file an amended return using Form 1040-X. Be sure to include the corrected information on the appropriate forms and submit it to the IRS. This process allows you to rectify mistakes and ensure that your health coverage data is accurate.
What steps should I take to track the status of my IRS 8962 filing?
To verify the status of your filed IRS 8962, you can use the IRS 'Where's My Refund?' tool, which gives updates on your return processing. If filed electronically, check for common e-file rejection codes that indicate issues with your submission and ensure your details match IRS records to avoid delays.
What should I do if I receive an IRS notice related to my 8962?
Upon receiving an IRS notice pertaining to your IRS 8962, carefully read the document to understand the issues raised. Prepare any supporting documentation and respond promptly, either by providing the requested information or by clarifying any discrepancies in your filings.
Are there any common mistakes to watch out for when submitting the IRS 8962?
Be cautious of common errors like incorrect income reporting or mismatched coverage information when submitting your IRS 8962. Double-check your entries against your health insurance statements to minimize the chance of rejection or additional queries from the IRS.
Could the software I use to e-file the IRS 8962 have compatibility issues?
Ensure that the software you choose for e-filing the IRS 8962 is updated to the latest version, as compatibility issues can arise with older software or certain browsers. Review technical requirements for e-filing, including internet connectivity and system compatibility, to avoid submission problems.
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