Get the free instructions for form 8962 2020-2021

in this video I want to work through an example of filling out form 89-62 for the premium tax credit this is gonna 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 changed 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 gonna 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 if your filing status is married to filing separately unless you qualify for an exception so see the instructions for that one now moving down to part one and before I get into part one the fact that I'm doing an example for a single person not married or some of these other variations this example I'm not gonna have to fill out part 4 or part 5 but you'll find helpful information on that over in the instructions I'll just quickly pull up the instruction page here that you can also get online and I'll link this instruction page down in the video description but it's pretty lengthy there's a lot of information here but some of it is obviously very helpful in filling out this form and we're gonna go through the instructions and helping us fill out certain parts of this form so moving back to the original form here alright so part 1 tax family size since it's a single person already got it typed in there just one and then the modified adjusted gross income so this is where you're going to enter that particular number see instructions to calculate your adjusted gross income so we're gonna go back to the instruction page here and go down and you're gonna go through this process here to calculate your adjusted gross income after you find that out you're gonna go back and fill that in so we're going to go back to the previous form and for this example just going to do a simple 20000 for that adjusted gross income if it lets me type it in there we go okay enter the total number of dependents modified adjusted gross income I'm not having any independence for this example just a single person so leave that box blank and then your household income you're going to add the amounts from 2a and 2b simple enough just gonna be 20000 and now moving down to line for the federal poverty line enter the federal poverty line amount...