IRS Instructions 8962 2021 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 all necessary documentation including Form 1095-A.
2. Start with Part I of Form 8962 to report your annual premium tax credit.
3. Enter your personal information, including your name and Social Security number.
4. Use the information from Form 1095-A to complete Table 1 in Part II.
5. Calculate your annual premium tax credit using the guidelines provided.
6. Complete Part III to reconcile any premium tax credit amounts with the amount you actually received.
7. Sign and date the form before submitting it with your tax return.

Who needs IRS Instructions 8962?

1. Individuals or families who received advance premium tax credits.
2. Taxpayers filing for a Health Insurance Marketplace plan.
3. Those who need to reconcile their premium tax credits with their actual income.

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 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) for taxpayers who purchased health insurance through the Health Insurance Marketplace.

Who is required to file IRS Instructions 8962?

Taxpayers who received premium assistance through the Health Insurance Marketplace must file Form 8962 to claim the Premium Tax Credit or to reconcile advance payments of the Premium Tax Credit.

How to fill out IRS Instructions 8962?

To fill out Form 8962, taxpayers need to provide information about their income, family size, and coverage type, as well as the amount of premium tax credit they are eligible for and how much was paid in advance.

What is the purpose of IRS Instructions 8962?

The purpose of IRS Instructions 8962 is to assist taxpayers in understanding how to accurately calculate and claim the Premium Tax Credit, ensuring they meet the requirements set by the Affordable Care Act.

What information must be reported on IRS Instructions 8962?

Form 8962 requires reporting information such as the amount of premiums paid, the number of months coverage was in effect, household income, family size, and the amount of advance payments received for the Premium Tax Credit.