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The HCTC and the PTC are different tax credits that have different eligibility rules. If you think you may be eligible for the HCTC see Form 8885 and its instructions or visit IRS.gov/HCTC before completing Form 8962. B. No one can claim you as a dependent on a tax return for 2017. see Pub. 974 Premium Tax Credit. You also can visit IRS.gov and enter premium tax credit in the search box. Also see How To Avoid Common Mistakes in Completing Form 8962 at the end of these instructions. -2- health...
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How to fill out form 8962 instructions 2022-2023
How to fill out form 8962 instructions:
Gather all necessary documents, including your Form 1095-A (Health Insurance Marketplace Statement), which you will use to reconcile your premium tax credits.
Fill in your personal information, such as your name, address, and social security number, in the designated fields on the form.
Report the correct income information for each member in your household, as required by the form. This includes any changes in income or family size that occurred throughout the year.
Calculate your modified adjusted gross income (MAGI) and enter it in the appropriate section of the form.
Fill out Part II of the form, where you will reconcile your premium tax credits using the information provided on Form 1095-A.
Verify that all calculations on the form are accurate and double-check for any errors or missing information.
Sign and date the form before submitting it to the appropriate tax authorities.
Who needs Form 8962 instructions:
Individuals who received advanced premium tax credits from the Health Insurance Marketplace in order to help pay for their health insurance premiums.
Those who have a Form 1095-A and are required to reconcile those tax credits when filing their federal income tax return.
Individuals who experienced changes in income or family size during the year and need to report that information accurately for tax purposes.
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People Also Ask about form 8962 instructions
What is form 8962 used to calculate?
Purpose of Form Use Form 8962 to figure the amount of your premium tax credit (PTC) and reconcile it with advance payment of the premium tax credit (APTC).
What does the e file database indicates that Form 8962?
IRS implemented this check for taxpayers who received the Premium Tax Credit payments during the year, and must add form 8962 to the return to reconcile the payments received against the credit calculated and either pay back or get an additional refund.
Why is the IRS asking me for form 8962?
When the Health Insurance Marketplace pays advance payments of the premium tax credit on your behalf, you must file Form 8962 to reconcile the advance payments to the actual amount of the Premium Tax Credit that you are eligible for based on your actual household income and family size.
Where do I put 8962 on my 1040?
Enter your excess advance premium tax credit repayment on line 29. Write the smaller of either line 27 or line 28 on line 29, and on your Form 1040 or 1040NR. That's the amount you owe in repayment for getting more than your fair share in advance payment of the PTC.
What is Form 8862?
Taxpayers complete Form 8862 and attach it to their tax return if: Their earned income credit (EIC), child tax credit (CTC)/additional child tax credit (ACTC), credit for other dependents (ODC) or American opportunity credit (AOTC) was reduced or disallowed for any reason other than a math or clerical error.
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Video instructions and help with filling out and completing form 8962 instructions
Instructions and Help about form 8962 example filled out
In this video I want to work through an example of filling out form 8962 for the premium tax credit this is going to 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 change 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 going to 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...
What is instructions for form 8962?
Instructions for Form 8962, Premium Tax Credit (PTC) are available from the IRS website. The instructions provide guidance on completing Form 8962, which is used to figure out the amount of the premium tax credit (PTC) and reconcile any advance payments of the premium tax credit (APTC) made during the year. The instructions also provide information on how to report changes in circumstances that affect the premium tax credit, how to report family size changes, and how to claim a shared policy allocation.
Who is required to file instructions for form 8962?
Form 8962 is used by taxpayers to claim the Premium Tax Credit (PTC). It is required to be filed by any taxpayer who is claiming the PTC, or who is making an adjustment to the amount of the PTC they are claiming.
How to fill out instructions for form 8962?
1. Enter your personal information at the top of Form 8962. This includes your name, address, and Social Security Number. 2. On Line 1, enter the total amount of the premium tax credit (PTC) that you received in advance during the year. 3. On Line 2, enter the total amount of the PTC that you are claiming on your return. 4. On Line 3, enter the amount of the PTC that your Marketplace determined you were eligible to receive for the year. 5. On Line 4, enter the amount of the PTC that you actually received for the year. 6. On Line 5, enter the total of Lines 1 through 4. 7. On Line 6, enter the amount of the PTC that you are allowed to keep for the year. 8. On Line 7, enter the amount of the excess advance PTC that must be repaid. This is the difference between Line 5 and Line 6. 9. On Line 8, enter the amount of excess PTC that you are claiming on your return. This is the difference between Line 2 and Line 6. 10. On Line 9, enter the amount of the net premium tax credit that you are claiming on your return. This is the difference between Line 8 and Line 7. 11. On Line 10, enter the total amount of the premium tax credit that you are claiming on your return. This is the sum of Lines 9 and 6. 12. Sign and date the form in the space provided.
What is the purpose of instructions for form 8962?
Instructions for Form 8962 are used to help taxpayers understand the rules and calculations used to determine the amount of premium tax credit they are eligible to claim. Form 8962 is used to reconcile advanced payments of the premium tax credit with the premium tax credit amount the taxpayer is actually eligible for based on their income and other factors.
What information must be reported on instructions for form 8962?
Instructions for form 8962 require you to report the following information: 1. Your filing status 2. Your Adjusted Gross Income (AGI) 3. Your household income 4. Your total estimated tax liability for the tax year 5. Your premium tax credit eligibility 6. Any advance payments of the premium tax credit you received 7. Your applicable tax year 8. Your total household income 9. Any excess advance payment of the premium tax credit 10. Any reconciliation adjustments you must make 11. Any other information required by the form
When is the deadline to file instructions for form 8962 in 2023?
The deadline to file instructions for form 8962 in 2023 will be April 15, 2023.
What is the penalty for the late filing of instructions for form 8962?
If you fail to file Form 8962 on time, you may have to pay a penalty equal to the smaller of $270 or 10% of the amount due, up to a maximum of $2,500.
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