Get the free Completing Form 8962 Premium Tax Credit

Completed form 8962 IRS Intuit HelpIntuitSOLVEDby Intuit114Updated December 20, 2022Form 8962 is used to figure the amount of Premium Tax Credit and reconcile it with any advanced premium tax credit paid. This form is only used by taxpayers who purchased a health plan through the Health Insurance Marketplace, including healthcare.gov.

How to fill out completing form 8962 premium

How to fill out completing form 8962 premium

1. To fill out Form 8962 Premium Tax Credit, follow these steps:
2. Enter your name, social security number, and address on the top of the form.
3. Fill in Part I - Modified Adjusted Gross Income (MAGI). This includes income from various sources such as wages, self-employment, and rental income.
4. Calculate the applicable percentage using the table provided in the instructions.
5. Determine the second lowest cost silver plan (SLCSP) for your tax household. This can be obtained from Form 1095-A or through the online tool provided by the IRS.
6. Complete Part II - Premium Tax Credit (PTC) Reconciliation. This involves comparing the advance premium tax credit you received with the actual premium tax credit you are eligible for.
7. If you received excess advance premium tax credits, you might need to repay them. Complete Part III - Additional Tax on Excess APTC.
8. Sign and date the form.
9. Attach the required documents such as Form 1095-A and any supporting documents for the calculations.
10. Double-check all the information entered on the form before submitting it to the IRS.

Who needs completing form 8962 premium?

1. Individuals and families who received advance premium tax credits (APTC) to help pay for their health insurance premiums through the Health Insurance Marketplace during the year.
2. Those who enrolled in a qualified health plan through the Marketplace and want to reconcile the amount of premium tax credit they received with the actual amount they are eligible for.

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What is completing form 8962 premium?

Completing form 8962 premium refers to the process of filling out IRS Form 8962, which is used to calculate the premium tax credit for individuals and families who purchased health insurance through the Health Insurance Marketplace.

Who is required to file completing form 8962 premium?

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

How to fill out completing form 8962 premium?

To fill out Form 8962, taxpayers must gather information from their Form 1095-A, which reports the health insurance coverage obtained through the Marketplace, and complete sections that calculate the premium tax credit based on household size and income.

What is the purpose of completing form 8962 premium?

The purpose of completing Form 8962 is to determine the amount of premium tax credit an individual is eligible for and to reconcile any advance payments of the premium tax credit that were received throughout the year.

What information must be reported on completing form 8962 premium?

Information required on Form 8962 includes household income, the size of the household, the amount of premium tax credit received in advance, and details from Form 1095-A regarding the health insurance coverage.