In the line 9 and 10, choose the appropriate choice next, fill the annual totals for the empty fields under each column in Line 11. In Part II, you need to figure out your PTC and compare it against any APTC. Fill out Part 2 - Premium Tax Credit Claim and Reconciliation of Advance Payment of Premium Tax Credit Here you need to enter the annual and monthly contributions based on family size, household income, and adjusted gross income. Fill out Part 1 - Annual and Monthly Contribution Amount Enter your name and your social security number on the top of the 8962 form. If you haven't received it by early February, you need to contact them The registered person in lawfully present in the US.You or anyone in your family must be enrolled in a health plan covered by the Market Plan.If any of the items above apply to you, you must file an income tax return and attach Form 8962. APTC was paid for someone you told the Marketplace would be in your tax family, and neither you nor anyone else included that individual in a tax family.APTC was paid for you or others in your tax family.If any of the following apply to you, you have to file Form 8962 with your income tax return, including Form 1040, 1040-SR, or 1040-NR: Who Must File Form 8962īelow are some items you can refer to. If less, you can get a credit for the difference, which reduces your tax payment or increase you refund. If the APTC is higher than your PTC, you have excess APTC, and you need to repay the excess to certain limitations. When you sign up to enroll in a qualified health plan on the Health Insurance Marketplace, the system determines whether you are eligible for a subsidy. If the APTC was paid for you or anyone in your tax family, you have to file Form 8962 to reconcile the APTC with your PTC. It can reduce the health insurance premiums you pay monthly when purchasing coverage through the Marketplace. What Is Advanced Premium Tax Credit (APTC)ĪPTC is a federal tax credit for individuals. And this part will tell you everything about Form 8962. How to Fill Out Form 8962 Correctly★★★★★Īll You Need to Know Before Filling Out Form 8962Īs we said before, if you are new to IRS Form 8962, you'd better learn more information before filing to avoid mistakes.What Is Advanced Premium Tax Credit (APTC).
Plus, this post also talks about some items you need to know before filling.
If you are, don't fret, as you can find a step-by-step tutorial to fill out IRS form 8962. However, if you are new to it, you may get lost while filling it out. It is used to figure the amount of your Premium Tax Credit and reconcile it with Advanced Payment of the Premium Tax Credit, aiming to help people recoup some money they spent on health insurance purchased through the Health Insurance Marketplace. While preparing your taxes, you might need to fill out IRS Form 8962.
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