IRS Instructions 8962 2020 free printable template

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. B. No one can claim you as a dependent on a tax return for 2017. see Pub. 974 Premium Tax Credit. 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. -2- health...

How to fill out IRS Instructions 8962

How to fill out IRS Instructions 8962

1. Gather your Form 1040 or 1040-SR: You need your main tax return to complete Form 8962.
2. Obtain your Form 1095-A: This form is issued by the Health Insurance Marketplace and provides information about your health coverage.
3. Complete Part I: Enter your personal information, including your name and Social Security number.
4. Fill out Part II: Use the information from your Form 1095-A to complete the Premium Tax Credit section.
5. Calculate your Premium Tax Credit: Follow the instructions to determine the amount you are eligible for.
6. Complete Part III: Report any repayments or adjustments for the Premium Tax Credit.
7. Review the instructions carefully for any additional requirements specific to your situation.
8. Attach Form 8962 to your tax return before filing.

Who needs IRS Instructions 8962?

1. Individuals who received health coverage through the Health Insurance Marketplace and wish to claim the Premium Tax Credit.
2. Taxpayers who had a change in their household income or family size during the coverage year.
3. People who need to reconcile advance payments of the Premium Tax Credit with their actual premium tax credit.

Instructions and Help about IRS Instructions 8962

In this video I want to work through an example of filling out form 8962 for the premium tax credit this is going to be a relatively simple example I'm going to be filling it out for a single person who had uniform coverage throughout the entire course of the tax year so if you have a more complicated scenario or if you're married if you have dependents if you change coverage throughout the year you change jobs all these sorts of different variations that you can have that can affect this form I will link some helpful information down in the video description from the IRS that goes through examples of all these different types of scenarios, so again it can be helpful information, and I'll link it down in the video description, but I just want to run through this example here of a single person so starting off here at the top line the name that's shown on your tax return we're going to write John Doe with our social security number and then moving on since this is a single person we don't need to check this box that says you cannot take the premium tax credit...

People Also Ask about

What is a net PTC?

If the taxpayer's PTC computed on the return is more than the APTC paid on the taxpayer's behalf during the year, the difference is a net PTC. Claiming a net PTC will increase the taxpayer's refund or lower the amount of tax he or she owes. Net PTC is reported on Form 1040, Schedule 3, Line 8.

What is federal return rejection reject code F8962 070?

E-file reject F8962-070 happens when your return is missing Form 1095-A Health Insurance Marketplace Statement. The IRS compares the information you enter on your return with what they have in their database. When something's missing or mismatched, your return gets rejected.

What do I do if I don't have Form 8962?

In response to the rejection of an electronically filed return that's missing the Form 8962, individuals may refile a complete return by completing and attaching Form 8962 or a written explanation of the reasons for its absence.

How do I get the 8962 premium tax credit?

Where Do I Get Form 8962? Form 8962 is available on the IRS website and is free to download. 5 If you're filing taxes using electronic tax filing software, this form should be generated for you as you navigate through the program's questionnaire format.

Where do I find Form 8962?

Where Do I Get Form 8962? Form 8962 is available on the IRS website and is free to download. 5 If you're filing taxes using electronic tax filing software, this form should be generated for you as you navigate through the program's questionnaire format.

How do I know if I need Form 8962?

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.

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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 for individuals and families who enroll in qualified health plans through the Health Insurance Marketplace.

Who is required to file IRS Instructions 8962?

Individuals and families who received premium tax credits to help pay for health insurance coverage obtained through the Health Insurance Marketplace must file Form 8962 with their federal tax return.

How to fill out IRS Instructions 8962?

To fill out IRS Instructions 8962, you need to gather information from Form 1095-A (Health Insurance Marketplace Statement), complete the necessary sections regarding your household income, family size, and the premium tax credit amount, and then submit it along with your tax return.

What is the purpose of IRS Instructions 8962?

The purpose of IRS Instructions 8962 is to help taxpayers accurately calculate and report the premium tax credit they are eligible for, ensuring they receive the correct amount of financial assistance for their health insurance premiums.

What information must be reported on IRS Instructions 8962?

Information that must be reported on IRS Instructions 8962 includes your household income, the number of individuals in your household, the monthly premiums for your health insurance plans, and any premium tax credits received during the tax year.