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 will need to access a digital version of the form. You can utilize tools like pdfFiller, which allows users to edit form fields, adjust text, and ensure all entries are accurate before filing. Once you make changes, ensure all modified data is saved properly.
How to fill out IRS 8962
Filling out IRS 8962 involves several crucial steps:
01
Obtain the correct version of IRS 8962 from the IRS website or a trusted source.
02
Gather relevant documents, including your Form 1095-A, Health Insurance Marketplace Statement.
03
Carefully complete all sections, ensuring accurate reporting of premium tax credits and household income.
04
Double-check entries for mathematical accuracy before submitting.
About IRS 8 previous version
What is IRS 8962?
IRS 8962 is the form used to calculate the Premium Tax Credit (PTC), which helps individuals and families afford health coverage under the Affordable Care Act (ACA). This form is submitted during tax filing to reconcile any advance payments of the premium tax credit received throughout the tax year.
Who needs the form?
You need IRS 8962 if you (or a member of your household) received premium assistance through the Health Insurance Marketplace in order to pay for health insurance. If you did not receive such assistance, you typically do not have to fill out this form.
Components of the form
IRS 8962 includes various components such as personal and household information, information from Form 1095-A, and calculations for premium tax credit eligibility. Each section must be filled out accurately to ensure correct credit amounts are calculated.
What information do you need when you file the form?
When filing IRS 8962, gather the following essential information:
01
Your Form 1095-A detailing any advance premium tax credits received.
02
Your tax return information including filing status, and household income.
03
Any adjustments to income or changes in household size that may affect your premium tax credit calculation.
Where do I send the form?
After completing IRS 8962, you should include it with your Form 1040 submission. The mailing address depends on your state of residence and whether you are enclosing a payment. Check the IRS guidelines for specific details on where to send your completed forms.
What is the purpose of this form?
The purpose of IRS 8962 is to determine the correct amount of the Premium Tax Credit that can be claimed on your tax return. Additionally, it helps reconcile the advance premium tax credit payments that were made on your behalf during the year, ensuring you're either refunded or pay additional tax based on eligibility.
When am I exempt from filling out this form?
You are exempt from filling out IRS 8962 if you did not receive any advance premium tax credits during the tax year, or if you were not required to file a tax return due to low income levels. Additionally, if you were covered under a qualifying plan that does not require reconciliation of tax credits, you may not need the form.
What are the penalties for not issuing the form?
If you are required to file IRS 8962 and fail to do so, you may face penalties including the loss of premium tax credits and potentially an additional tax liability on your return. The IRS may also delay your refund while they review your filing status.
Is the form accompanied by other forms?
IRS 8962 must be filed alongside your main tax return (Form 1040), and it must be accompanied by Form 1095-A if you received premium tax credit assistance. Additional forms may be required based on your specific financial situation.
FAQ about IRS 8962
What should I do if I discover mistakes after submitting IRS 8962?
If you notice errors on your submitted IRS 8962, you can file an amended return using Form 1040-X. Ensure that you include a corrected version of the IRS 8962 to accurately reflect any changes. It's essential to keep documentation supporting your corrections for future reference.
How can I track the status of my IRS 8962 submission?
To track your IRS 8962, you can use the IRS 'Where's My Amended Return?' tool or the e-file status tracking feature if you filed electronically. This tool allows you to verify receipt and processing status, helping you stay informed about any potential issues.
What common mistakes should I be aware of to avoid issues with my IRS 8962?
Common errors include incorrect taxpayer identification numbers and discrepancies in income reporting. Ensuring that your figures match other submitted documents and double-checking to confirm that all relevant information is included can help prevent these mistakes.
Is electronic filing of IRS 8962 secure, and are e-signatures accepted?
Yes, electronic filing of IRS 8962 is secure, provided you use the IRS-approved software. E-signatures are accepted for this form, but you must ensure that your chosen e-filing platform complies with IRS security standards to protect your sensitive information.
What should I do if I receive a notice regarding my submitted IRS 8962?
Upon receiving a notice related to your IRS 8962, carefully read the instructions provided. Prepare to respond with any required documentation, and consider seeking assistance from a tax professional to ensure compliance and a proper resolution of the issue.
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