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Get the free Instructions for Form 8962 (2020)Internal Revenue ServiceCMS-1500 Claim Form Instruc...

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Important: This claim form is for policies purchased on or after 23rd October 2020 Only. Do not complete this form if you purchased a policy before this date. Please complete the section(s) relevant
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How to fill out instructions for form 8962

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How to fill out instructions for form 8962

01
To fill out instructions for form 8962, follow these steps:
02
Gather all necessary documents, including your Form 1095-A, Form 1095-B or Form 1095-C, and your relevant tax information.
03
Start by entering your personal information, such as your name, Social Security number, and address, in the appropriate sections of the form.
04
Proceed to Part I of the form, where you need to provide information about your household, including the number of individuals covered by a qualified health plan and their names.
05
Move on to Part II, where you will calculate your premium tax credit. This involves providing details about your modified adjusted gross income (MAGI), household income, and federal poverty line (FPL) for the applicable tax year.
06
Complete Part III by reconciling any advance payments of the premium tax credit you received with the actual credit you are eligible for. This may require you to refer to your Form 1095-A.
07
Proceed to Part IV and enter the repayment limitation based on your income for the tax year, if applicable.
08
Finish the form by signing and dating it, and ensure that you attach any required supporting documents, such as Form 1095-A.
09
Double-check all the information you entered to ensure accuracy.
10
Mail the completed form and any supporting documents to the address provided in the instructions.
11
Keep a copy of the filled-out form and all supporting documents for your records.
12
Note: These instructions are a general guideline. It is recommended to consult the official IRS instructions for Form 8962 for more detailed guidance specific to your situation.

Who needs instructions for form 8962?

01
Anyone who is eligible for or has received advance payments of the premium tax credit needs instructions for form 8962. This form is used to reconcile those advance payments with the actual premium tax credit you are eligible for based on your income and household size. It is required for individuals who enrolled in a qualified health plan through the Health Insurance Marketplace and received advance payments of the premium tax credit to help pay for their health insurance premiums.
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Form 8962 is used to reconcile advance payments of the premium tax credit and to claim the premium tax credit on your tax return.
Taxpayers who have enrolled in a qualified health plan through the Health Insurance Marketplace and have received advance payments of the premium tax credit must file instructions for form 8962.
Instructions for form 8962 should be filled out according to the instructions provided by the Internal Revenue Service (IRS). Taxpayers will need to provide information about their household income, family size, and health insurance coverage.
The purpose of form 8962 instructions is to calculate the amount of premium tax credit a taxpayer is eligible for based on their income and family size, and to reconcile any advance payments of the premium tax credit they have received.
Information that must be reported on form 8962 instructions includes details about the taxpayer's household income, family size, and the amount of premium tax credit received through the Health Insurance Marketplace.
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