Cat. No. 37784Z Form 8962 2024 Page 2 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 1040-SR or 1040-NR* Go to www*irs*gov/Form8962 for instructions and the latest information* Attachment Sequence No* 73 Your social security number A. 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 Annual and Monthly Contribution Amount 2a b 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. 2b Household income. Add the amounts on lines 2a and 2b. See instructions Federal poverty line. Enter the federal poverty line amount from Table 1-1 1-2 or 1-3....See instructions. Check the Alaska Hawaii c Other 48 states and DC appropriate box for the federal poverty table used* a Reserved for future use. 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 8a 8b 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. No* Continue to line 10. 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 contribution amount line 8a d Annual maximum premium assistance subtract c from b if zero or less enter -0- f Annual advance e Annual PTC 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 PTC allowed payment of PTC Form s January February March April May June July August September October November December Total PTC. 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 PTC. If line 24 is greater than line 25 subtract line 25 from line 24. Enter the difference here and on Schedule 3 Form 1040 line 9. If...line 24 equals line 25 enter -0-. Stop here.
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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, utilize pdfFiller's editing tools. First, upload your IRS 8962 form to the platform.
Next, use the text tool to modify existing information or add new details. Ensure all changes comply with IRS regulations.
Finally, save your edited document and prepare it for submission or further processing.
How to fill out IRS 8962
To fill out IRS 8962 correctly, gather your necessary information before starting. You will need details about your health insurance, specifically if you're claiming the Premium Tax Credit.
Begin by entering your personal information in the designated fields. Follow the form’s instructions closely, ensuring accuracy to prevent errors.
Next, complete the sections related to the amount of Premium Tax Credit you are eligible for, ensuring all calculations are clear and correct.
Latest updates to IRS 8962
Latest updates to IRS 8962
Current updates to IRS 8962 may involve changes in eligibility criteria, credit amounts, or attachment requirements for the tax year. Always consult the IRS website for the most recent updates to ensure compliance.
About IRS 8 previous version
What is IRS 8962?
IRS 8962 is a tax form used to claim the Premium Tax Credit, which helps individuals and families afford health insurance under the Affordable Care Act (ACA). This form must be submitted with your annual income tax return if you received advance payments to help pay for coverage.
Who needs the form?
Taxpayers who enrolled in a Health Insurance Marketplace and received advance premium tax credits must file IRS 8962. Additionally, anyone who wants to claim the Premium Tax Credit must also complete this form, regardless of whether they received advance payments.
Components of the form
IRS 8962 includes several components, such as personal information, calculations for the Premium Tax Credit, and details about any advance payments received. Key sections include:
01
Personal information: Name, Social Security Number, and tax filing status.
02
Information on health coverage and premiums paid.
03
Calculating the Premium Tax Credit based on the provided income details.
Each part must be completed accurately to ensure proper credit calculation and compliance with tax regulations.
What information do you need when you file the form?
When filing IRS 8962, you must have several key pieces of information. This includes your tax return details, the amount of Premium Tax Credit calculated, and any advance payments received during the tax year.
Furthermore, details about your insurance coverage, such as policy numbers and durations, are necessary for accurate reporting.
What is the purpose of this form?
The primary purpose of IRS 8962 is to calculate and report the Premium Tax Credit. This credit reduces the cost of health insurance premiums for those who qualify based on their income and household size.
By submitting this form, taxpayers ensure they reconcile any advance payments received against the actual Premium Tax Credit they are eligible for.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 8962 if you did not receive advance premium tax credits or were not enrolled in a health plan through the Health Insurance Marketplace.
Moreover, if your household income is below a certain threshold that qualifies you for Medicaid or CHIP, you also do not need to file this form.
What are the penalties for not issuing the form?
Not filing IRS 8962 when required can result in penalties. Taxpayers may face a loss of the Premium Tax Credit, leading to higher tax liability and financial strain.
Additionally, the IRS may impose fees or require the taxpayer to pay back any advance payments received, further complicating one's financial situation.
Is the form accompanied by other forms?
IRS 8962 is typically accompanied by your annual tax return (Form 1040 or 1040-SR). In some cases, it might also need to be filed alongside Schedule 2 if additional taxes are owed. Ensure to check specific filing requirements based on your individual tax circumstances.
Where do I send the form?
When completing IRS 8962, it should be filed with your federal tax return. Depending on your filing method, you may mail a printed copy or submit it electronically if you're using e-filing software.
To send a paper return, follow the mailing instructions listed in the IRS instructions for Form 1040, which detail designated addresses based on your state of residence.
FAQ about IRS 8962
What should I do if I find an error on my submitted IRS 8962?
If you discover an error after filing your IRS 8962, you can submit a corrected form using IRS Form 1040-X to amend your tax return. Make sure to include the corrected information and any relevant documentation to support your changes. It's important to address these errors promptly to avoid any complications with your tax filing.
How can I track the status of my IRS 8962 submission?
To verify the processing status of your IRS 8962, you can use the IRS 'Where's My Refund?' tool or contact the IRS directly if you filed by mail. Keep an eye on any communications from the IRS regarding potential issues or rejections, as these will guide you in addressing any problems that may arise.
What common errors might I encounter when filing IRS 8962, and how can I avoid them?
Common errors when filing IRS 8962 include incorrect calculation of tax credits, mismatched information with your tax return, and failing to provide complete income data. To minimize mistakes, double-check figures, ensure consistency with other forms, and verify that all necessary income details are reported correctly before submitting.
What should I do if I receive a notice from the IRS regarding my IRS 8962?
If you receive a notice or letter from the IRS about your IRS 8962, read it carefully to understand the issue. Gather the required documentation and any additional forms related to the notice. Respond promptly and accurately to avoid further complications and ensure that your concerns are addressed in a timely manner.
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